YouTube and Universal Music Group announce “new global multi-year agreement”

In a significant step forward for the music industry, and a huge blow to your ‘Stan’-soundtracked skate video,  YouTube and Universal Music Group have announced a “new, global, multi-year agreement”.

Susan Wojcicki, CEO of YouTube, said: “We’re thrilled to strengthen our partnership with Universal Music Group. This agreement means we can drive more value to the industry, break and support more artists and deliver an incredible music experience to fans around the world.”

Sir Lucian Grainge, Chairman and CEO of Universal Music Group, was equally pleased, stating: “This important step forward provides our recording artists and songwriters improved content flexibility and growing compensation from YouTube’s ad-supported and paid-subscription tiers, while also furthering YouTube’s commitment to manage music rights on its platform.

“I look forward to collaborating with Susan and her team at YouTube on the important work ahead to advance artists’ interests and sustain the music industry’s recent growth.”

This article originally appeared on The Industry Observer, which is now part of The Music Network.