Sony Music sold 50% of its shares in Spotify
According to a "Music Vusiness worldwide" report, Sony Music sold approximately 50% of its shares in Spotify during the streaming company’s first month on the New York Stock Exchange, for a sum around $750m. The record originally company owned 5.7% of Spotify’s stock (10,164,560 shares).
The company told investors, last week, that it had sold “approximately half of the shares we owned from the listing date until now”. According to MBW analysis, in total they would have been worth somewhere between $740m and $790m.
Sony Music has previously confirmed that it will share these proceeds with both its artists and its distributed labels.
A Sony Music spokesperson told MBW:
Sony Music and The Orchard are committed to sharing with their artists and distributed labels any net gain they may realize from a sale of Sony Music’s equity stake in Spotify. This is consistent with our previously announced policy of sharing breakage and equity proceeds from digital catalog licenses with our artists and distributed labels.