It also announced a landmark deal with Universal Music Group to create a new tool that allows fans to create covers and remixes.

Spotify Premium users will be able to generate AI covers and remixes of UMG songs under a new licensing deal. Financial terms were not disclosed.

Spotify, which is holding its first investor day in four years, is now under the direction of co-CEOs Gustav Söderström and Alex Norström.

Premium subscribers will be able to use AI to make covers and remixes of songs from participating artists on UMG's roster.