Spotify will provide a tool for employing generative AI to create song remixes and reworks

Spotify, a music streaming service, announced on Thursday that it has partnered with Universal Records. The tool will provide to enable users to employ generative artificial intelligence (AI) to create song covers and remixes.

The two businesses claimed in a statement that they had reached «historic agreements» on licensing that will produce a «innovative tool» driven by generative AI technology. That «will open up additional revenue streams for artists and songwriters who give their consent.»

The statement stated that the tool «will allow fans to create ‘covers’ and ‘remixes’ of their favorite songs. This by participating artists and songwriters,» and it will be available as a complimentary subscription service for Spotify Premium members. However, it did not provide a precise date.

The companies highlighted the impact of this “creation model” on artists and songwriters. Who will be able to earn additional income on top of what they already earn on Spotify thanks to the “value generated through licensed AI-based covers and remixes on the platform.”

The announcement was part of Spotify’s quarterly earnings report, which revealed that the company has 761 million monthly active users, 293 million of whom pay for the Premium service.

In the first quarter of the fiscal year, Spotify posted an operating profit of 715 million euros (up 40% year-over-year). And revenue of 4.5 billion euros (up 8% year-over-year), and issued favorable forecasts that were well-received by analysts.