Spotify And Sony Music Group Extend Global Partnership
JAKARTA Spotify and Sony Music Group announced the extension of their partnership globally. Both have signed continued cooperation that focuses on sustainable growth and innovation.
The main focus of this multi-year agreement is that it provides greater value to artists, songwriters, and consumers around the world. Together with Spotify, Sony Music Entertainment and Sony Music Publishing want to make the music ecosystem more prosperous.
As part of this collaboration, they will enhance the experience of listening to music. This initiative will also create more opportunities for artists and songwriters who want to reach new audiences, for local and international.
In addition, Spotify and Sony Music Group will launch new product offerings, namely audio formats, more advanced visuals, and others. This allows deeper interaction between artists and their fans.
In this partnership, Spotify will also focus on new US live licensing arrangements with Sony Music Publishing. This setting ensures songwriters get a bigger share of streaming growth.
This is an important step to guarantee fair compensation. Through this partnership, Spotify CEO Daniel Ek believes that they can create better chances for creators, particularly in increasing creator income.
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"Our partnership with Sony was built on the basis of shared enthusiasm to shape the future of music. Together, we accelerate the pace of innovation to create new opportunities that are powerful and increase income for artists and songwriters," said Ek, quoted on Friday, September 19.
Rob Stringer, Chairman of Sony Music Group, also emphasized their commitment to this collaboration. He said that the deal with Spotify reflects the futuristic approach. They also promise the provision of appropriate compensation for creators.
"We are working on developing a futuristic approach that ensures our artists and songwriters still get proper compensation for their work, and viewers get a growing high-quality experience," Stringer said.