Spotify and Universal Music Group have struck a new multi-year agreement focused on driving subscriber growth and advancing music monetization.

The deal establishes a direct license between the companies across Spotify’s current product portfolio in the U.S. and beyond.

Spotify paid out $10 billion to the music industry in 2024 — some $1 billion more than last year, the previous record — making its total around $60 billion since it was founded in 2006. The company made the announcement in a blog post Tuesday morning.