BUZZ-Spotify jumps; announces Universal Music deal for AI covers, remixes

Spotify

Spotify

SPOT

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** Spotify's SPOT.N shares climb 16.2% to $503.51

** SPOT strikes deal with Universal Music Group UMG.AS allowing premium subscribers to create AI-generated song covers and remixes

** Cos do not disclose the financial terms of the deal or which artists will participate in the new feature

** Say the new tool will create an additional source of income for artists and songwriters, on top of what they already earn on Spotify including through royalties

** SPOT had fallen 25.4% YTD, as of Wednesday's close


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