[UPDATED] Universal and Sony have joined Warner Music Group in signing new multi-year global licensing agreements with YouTube. The move also paves the way Google and YouTube to launch a new paid streaming service to compete with Spotify this Spring.
Universal Music Group and YouTube have announced a multi-year global licensing agreement. While details of the deal were not disclosed, UMG says that the deal means "growing compensation" for artists and songwriters. Some content will be now be exclusive to the paid YouTube Red service, as well as, presumably a new Google/YouTube subscription streaming music service reportedly launching in March.
Sony has also just completed negotiations on a similar new deal with YouTube, sources tell Billboard. Warner Music Group struck it's new YouTube deal several months ago.