Spotify sign new deal with Sony Music
Written by admin on July 16, 2017
Spotify has reached a licensing deal with a second major label, Sony Music Entertainment, according to various media reports.
The FT says the music firm has agreed to reduce royalties that the streaming service has to pay in return for it restricting new albums to paying subscribers for two weeks.
Sony’s top artists include Adele, Beyonce and Shakira.
Spotify is still in talks with Warner Music Group, according to Billboard.
Signing streaming royalty deals is crucial to Spotify’s future because the firm hasn’t made a profit yet.