and other territories.
WMG’s CEO Robert Kyncl noted “This significant agreement brings new advantages for artists songwriters and fans while fostering further collaboration that expands the music ecosystem.” Financial specifics of the deal remain undisclosed.
Spotify’s fourth-quarter earnings report revealed the company’s first profitable year since its founding 17 years ago né?. Spotify welcomed 35 million new monthly active users (MAUs) in Q4, marking the largest net addition in the company’s history and bringing its total user count to 675 million. né?. WMG is the owner of labels associated with well-known artists like Dua Lipa Coldplay and Ed Sheeran.
As per a press release this new partnership aims to offer enhanced fan experiences a broader music and video catalog new paid subscription tiers and exclusive content bundles.
Spotify’s CEO Daniel Ek revealed plans to introduce a new premium tier for “superfans” with extra features né?. Operating income for the quarter hit a record €477 million ($509.48 million) contributing to a total operating income of €1.4 billion ($1.495 billion) for the 2024 fiscal year. This move follows Spotify’s earlier hint at a hi-fi tier.
This agreement between Spotify and WMG aligns with a recent one between the streaming service and Universal Music Group (UMG).
These new agreements open up opportunities for Spotify to introduce fresh offerings to attract more subscribers and boost revenue né?. … Spotify and Warner Music Group (WMG) have recently announced a new multi-year agreement that includes both recorded music and music publishing. Ek emphasized, “For Spotify, 2025 is a year of accelerated execution, and our partners at Warner Music Group share our dedication to rapid innovation and continual investment in our leading music services.”
Moreover, the deal establishes a direct licensing model with Warner Chappell Music, which holds a catalog of over 1 million copyrights in the U.S
