SPOT - Why Spotify Technology Shares Are Gaining Today | Benzinga
Spotify Technology SA (NYSE:SPOT) shares are trading higher after the company and Universal Music Group (OTC:UMGNF) announced an expansion for promotional and social tools for UMG artists.
Additionally, a new agreement with Universal Music Publishing Group (UMPG) will enable Spotify to distribute music videos in the US.
Daniel Ek, Founder & CEO of Spotify, said: “UMG has consistently been a progressive partner on behalf of their artists and songwriters, contributing to our product development efforts of experimental tools and adopting them early to help artists stand out.”
“The forthcoming features will put more power in the hands of artists and their teams to help them authentically express themselves, efficiently promote their work, and better monetize their art,” the CEO added.
Meanwhile, KeyBanc Capital Markets analyst Justin Patterson reiterated the Overweight rating on Spotify with a price forecast ...