Spotify and Universal Music Group have struck a new multi-year agreement for recorded music and music publishing “focused on growth, innovation and the advancement of artists' and songwriters' success.

Spotify and Universal announced a new deal that sources say improves the payment structure for the streamer's controversial music-audiobooks 'bundle.'

Universal Music Group, the world's largest music company, and streaming behemoth Spotify on Sunday announced a multi-year direct deal that will affect both recording and publishing royalty rates.