Spotify and Universal Music Group have announced a major recorded-music and music-publishing licensing agreements that will enable Spotify to launch a new tool allowing fans to create covers and remixes of their favorite songs from participating artists and songwriters.
The tool will be powered by generative AI technology that the announcement states “will open up additional revenue streams and new ways to drive discovery.”
The announcement continues, “It introduces a creation model where artists and songwriters can directly share in the value generated through AI-driven licensed covers and remixes on the Spotify platform.”
The new tool will launch as a paid add-on for Spotify Premium users, creating an additional source of income for artists and songwriters, the announcement states.
The collaboration is clearly an effort to harness and monetize the use of AI to create new versions of copyrighted songs, and provide a prominent and relatively controllable platform for their use.
