Universal Music Group and Spotify join forces to seal a massive deal that could forever change the future of the music business.

The new publishing agreement establishes a direct license between Spotify and Universal Music Publishing Group.

Universal Music Group (UMG) , the world's biggest music label, and Swedish streaming giant Spotify have reached a new multi-year agreement for recorded music and music publishing, they said on Sunday.

The deal establishes a direct license between Spotify and Universal Music across the streaming subscription service’s current product portfolio in the U.S. and beyond, the companies said.

Spotify and Universal Music Group have announced a new, multi-year direct licensing pact that will cover the United States and several other companies, according to a Sunday release. "When we first presented our vision for the next stage in the evolution of music subscription several months ago -- Steaming 2.

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

Spotify and Universal have reached a multi-year publishing agreement, which will see new subscription tiers and a richer content catalogue.

Universal Music Group and Spotify on Sunday announced a huge multi-year direct deal that will affect both recording and publishing royalty rates.