Spotify and Universal Music Group have struck a new multi-year agreement for recorded music and music publishing “focused on growth, innovation and the advancement of artists' and songwriters' success.

Universal Music Group (UMG) , the world's biggest music label, and Swedish streaming giant Spotify have reached a new multi-year agreement for recorded music and music publishing, they said on Sunday.

Spotify and Universal announced a new deal that sources say improves the payment structure for the streamer's controversial music-audiobooks 'bundle.'