Universal Music Group (UMG) and music streaming service TIDAL are working together to define the framework for a new business model for streaming that would provide better value for artists and their fans.

The two companies said plan "to explore an innovative new economic model for music streaming that might better reward the value provided by artists and more closely reflect the engagement of TIDAL subscribers with those artists and music they love."

TIDAL Logo. (PRNewsFoto/TIDAL)

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Spotify finished the year with a record number of users — the streaming service counted 205 million paid subscribers and a total of 489 million monthly active users (MAUs), up respectively 14% and 20% compared to the previous year, according to financial result released by the company.

"Looking back on 2022 in its entirety, we are pleased with our overall results. Each year presents certain challenges and opportunities and, over the past 12 months, we largely delivered on our internal goals ...

TikTok CEO Shou Zi Chew will appear before the House of Representatives Energy and Commerce Committee on March 23, 2023 to testify "on TikTok’s consumer privacy and data security practices, the platforms’ impact on kids, and their relationship with the Chinese Communist Party," according to a statement from the Committee's chair Cathy McMorris Rodgers (R-WA).

“Big Tech has increasingly become a destructive force in American society," said McMorris Rodgers. "The Energy and Commerce Committee ...