Spotify's stock falls by 3 percent in the week's initial trading on Wall Street. This after the streaming service announced over the weekend that it has entered into a new multi-year distribution agreement with music giant Universal Music Group.
The agreement regulates, among other things, terms and compensation levels for music and rights. Compensation levels and other details have not been disclosed by the contracting parties.
Among Universal Music's artists are world stars such as Taylor Swift and U2.
Universal Music's stock rises by almost 6 percent after the news about the Spotify agreement.
Spotify, which despite the stock price decline has risen 10 percent since the turn of the year, has announced that the company will report its annual results for last year on Tuesday next week.
