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WMG and Spotify Ink New Multi-Year Deal for Recorded Music and Publishing

Warner Music Group and Spotify signed a new multi-year agreement covering both recorded music and music publishing.

The agreement focuses on advancing audio-visual streaming, expanding music and video catalogs, and, notably, introducing new paid subscription tiers with exclusive content bundles. WMG announced its new pact with Spotify moments before reporting results for is fiscal first quarter, which saw a dip in revenue that it attributed to the termination of its distribution agreement with BMG, among other factors. The label group on Thursday also announced that it had agreed to purchase a controlling stake in Tempo Music Investment, a catalog company that owns rights to songs by Wiz Khalifa, Florida Georgia Line and others, in a deal sources say is worth several hundred million dollars.

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