Spotify, Universal Music announce fan-made cover and remix agreements

Spotify (SPOT) and Universal Music Group (UMGNF) announced recorded music and music publishing licensing agreements enabling Spotify to launch a new tool allowing fans to create covers and remixes of their favorite songs from participating artists and songwriters. “This groundbreaking tool will be powered by generative AI technology that will open up additional revenue streams and new ways to drive discovery. It introduces a creation model where artists and songwriters can directly share in the value generated through AI-driven licensed covers and remixes on the Spotify platform. The new tool will launch as a paid add-on for Spotify Premium users and create an additional source of income for artists and songwriters, on top of what they already earn on Spotify,” the companies stated.