Universal Music Group and Spotify join forces to seal a massive deal that could forever change the future of the music business.

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.

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

Universal Music Group and Spotify have signed a new multi-year agreement, covering recorded music and publishing licenses across multiple countries. This partnership aims to enhance consumer offerings through innovation and new subscription models.

While that figure may seem questionable considering how little many musicians make from streaming, it's important to bear in mind that Spotify (like most streaming services) pays