UNIVERSAL MUSIC GROUP N.V. By Cecilia Butini
Universal Music Group is partnering with streaming company Deezer to launch a new streaming model which they say will be designed to better reward artists, the music giant said Wednesday.
The new service will launch in France in the fourth quarter of 2023 and additional markets will follow, said UMG. The purpose of the product is to reward artists more fairly, giving them what the companies call a "double boost", while reducing the influence of algorithmic programming, according to the companies.
"We are now embracing a necessary change, to better reflect the value of each piece of content and eliminate all wrong incentives, to protect and support artists," said Deezer Chief Executive Jeronimo Folgueira.
Write to Cecilia Butini at cecilia.butini@wsj.com
(END) Dow Jones Newswires
09-06-23 0158ET
