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UMG Universal Music Group NV

24.69
0.09 (0.37%)
05 Dec 2023 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type
Universal Music Group NV EU:UMG Euronext Ordinary Share
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.09 0.37% 24.69 24.20 24.80 24.76 24.52 24.59 1,200,773 02:01:53

Universal Music Group, Deezer to Partner on New Streaming Service

06/09/2023 7:13am

Dow Jones News


Universal Music Group NV (EU:UMG)
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From Sep 2023 to Dec 2023

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By Cecilia Butini

 

Universal Music Group is partnering with streaming company Deezer to launch a new streaming model which they say will be designed to better reward artists, the music giant said Wednesday.

The new service will launch in France in the fourth quarter of 2023 and additional markets will follow, said UMG. The purpose of the product is to reward artists more fairly, giving them what the companies call a "double boost", while reducing the influence of algorithmic programming, according to the companies.

"We are now embracing a necessary change, to better reflect the value of each piece of content and eliminate all wrong incentives, to protect and support artists," said Deezer Chief Executive Jeronimo Folgueira.

 

Write to Cecilia Butini at cecilia.butini@wsj.com

 

(END) Dow Jones Newswires

September 06, 2023 01:58 ET (05:58 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.

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