Shares in Universal Music Group rose after the music label said it signed a multiyear agreement for recorded music and music publishing with Spotify. Shares in Universal Music were 6.2% higher at 25.73 euros in early European trading on Monday.

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 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.

Spotify and the Universal Music Group have struck a new deal that will expand platform monetization and change how songwriters get paid for streams.

Audio streaming giant Spotify (SPOT) has struck a new multi-year agreement with Universal Music Group (UMG), the world’s largest record label. The agreement also includes music publishing, said Spotify in a news release announcing the arrangement

Universal Music Group, the world's largest music company, and streaming behemoth Spotify on Sunday announced a multi-year direct deal that will affect both recording and publishing royalty rates.

The new publishing agreement establishes a direct license between Spotify and Universal Music Publishing Group.

Spotify and Universal have reached a multi-year publishing agreement, which will see new subscription tiers and a richer content catalogue.

Universal Music Group NV and Spotify Technology SA reached a new multiyear distribution agreement that includes compensation for recorded songs and publishing rights.