(Reuters) – Common Music Group (AS:), the world’s greatest music label, and Swedish streaming big Spotify (NYSE:) have reached a brand new multi-year settlement for recorded music and music publishing, they stated on Sunday.

The publishing settlement establishes a direct license between Spotify and UMG throughout Spotify’s present product portfolio within the U.S. and a number of other different nations, they stated in a press release.

“Artists, songwriters and shoppers will profit from new and evolving gives, new paid subscription tiers, bundling of music and non-music content material, and a richer audio and visible content material catalog,” the businesses stated.

The partnership will guarantee fixed innovation, making music subscriptions much more enticing to a broader worldwide viewers, Spotify founder and CEO Daniel Ek stated.

Spotify has laid off workers, pulled again podcasts and reduce advertising and marketing spending over the previous 12 months to spice up profitability. It has additionally raised costs of its U.S. plans to capitalize on demand for its premium merchandise.