Warner on August 7 confirmed it's no longer a stakeholder in Spotify. Indeed, Warner Music Group just sold all its shares in Spotify for more than $500,000.
The major is allocating 25% of this money to its artists - but, unlike Sony, it will take account of unrecouped balances (meaning that a significant proportion of this cash will actually remain at WMG).
WMG CEO Steve Cooper told investors that Warner realized $504m in proceeds from selling 100% of its Spotify stock in the quarter ending June 2018:
I’m pleased to say that, in connection with the sale of our Spotify equity, an estimated $126 million will be credited to artist accounts on their June 30 royalty statements which are issued around the world in August and September.
That $126m equates to exactly a quarter of the $504m.
According to "Music Business Worldwide", $126m includes payments to Warner/ADA-distributed labels - but Warner is only sharing Spotify proceeds with its partner labels when obligated to do so by individual contracts.
No matter who you are, no matter what you did, no matter where you've come from, you can always change, become a better version of yourselfWho said it? >
Please immediately report the presence on Rockol of any images not belonging to the above categories: we shall rapidly verify and proceed to immediately removing them in case of any unproper use.