Spotify said on Thursday it has renewed its global licensing partnership with a third major label, Warner Music Inc, the last big music royalty deal it needs before pushing ahead with a U.S. stock market listing, reports Reuters.
“It’s taken us a while to get here, but it’s been worth it, as we’ve arrived at a balanced set of future-focused deal terms,” Warner Music Group chief digital officer Ole Obermann said in an Instagram post.
A Spotify spokesman confirmed the renewal in an email, without disclosing financial terms of the agreement.
Earlier this year, Sweden’s Spotify signed licensing deals with two for the largest labels - Vivendi’s Universal Music Group and Sony Music Entertainment.
Spotify has fended off competition from rival Apple Music, with more than double the number of paying subscribers.
Spotify said in July it had 60 million paying subscribers, adding 10 million subscribers in less than five months. Apple reported 27 million music subscribers in June, up from 20 million in December.
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