Spotify just inked a new music licensing deal with mega-label Sony Music, ensuring that Future, the Chainsmokers, and John Mayer (among many others) will remain on the streaming service. After signing with Universal Music and indie label group Merlin earlier this year, this leaves just Warner Music to re-sign with Spotify.
Beyond renewing Spotify's legal right to stream millions of songs, these new deals have two purposes. First, they allow labels to start withholding new releases from Spotify's free tier for two weeks. And second, in return, Spotify is getting reduced royalty payout rates, helping to trim its biggest cost ahead of a plan to go public on the New York Stock Exchange later this year.