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

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.

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.

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

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.

Universal Music Group NV and Spotify Technology SA reached a new multiyear distribution agreement that includes compensation for recorded songs and publishing rights.

Spotify and the Universal Music Group have struck a new deal that will expand platform monetization and change how songwriters get paid for streams.