News - 07/03/2018

Sony confirms it will share equity money from the sale of its 5.7% stake in Spotify with the indie labels it distributes

Sony confirms it will share equity money from the sale of its 5.7% stake in Spotify with the indie labels it distributes

"Music Business Worldwide" talked with Sony Music representatives who confirmed that the major will share equity money from the sale of its 5.7% stake in Spotify with the independent labels it distributes:

The company’s stake in Spotify is thought to be worth more than $1bn at current valuations. Sony owns The Orchard, which acts as a distribution and services partner to a raft of independent labels and artists.

The news come right after Universal Music Group confirmed (on March 5) that it would be sharing some of the prospective proceeds from its own Spotify stake with its artists.

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