Spotify and Universal Music Group have 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.
"Solving hard problems for music is what Spotify does, and fan-made covers and remixes are next. What we're building is grounded in consent, credit, and compensation for the artists and songwriters that take part. T hrough each technological transformation, we have worked together with Sir Lucian and his team to evolve the music ecosystem into a richer, more beneficial experience for fans and a more rewarding outcome for artists and songwriters," said Alex Norström, Co-CEO, Spotify.
"The most valuable innovations in the music business always bring artists and fans closer together. That principle is at the heart of this pioneering AI-enabled superfan initiative, which is designed to support human artistry, deepen fan relationships, and create additional revenue opportunities for artists and songwriters. Building on our long track record of leading the industry through technology changes, and collaborating with Alex, Gustav, Daniel and the team at Spotify, this initiative is firmly artist-centric, rooted in responsible AI, and will drive growth for the entire ecosystem," said Sir Lucian Grainge, Chairman and CEO, Universal Music Group.
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