Warner Music Group Sells Entire $504 Million Stake in Spotify

Warner Music Group has announced that it sold its entire $504 million stake in Spotify, according to Variety.

CEO Steve Cooper said that the sale resulted in $126 million "credited to artist accounts on their June 30 royalty statements which are issued around the world in August and September." He also noted, "In February 2016, we were the first major to announce a policy to share proceeds from equity in streaming services with artists."

"While Apple and Spotify continue to grow their global subscriber numbers, Amazon and YouTube are both off to a great start with their premium services," Cooper continued. "This increased competition is good news for our business, and we're happy to see other large tech companies, such as Facebook, begin to recognize the true value that music brings to their platforms.

Cooper goes on to say, "We believe it's hugely positive that, in today's world, artists and songwriters have more choice, as well as more control over their careers. In such a world, we're uniquely positioned to help creative talent navigate increasingly complex ecosystems to unlock their biggest opportunities. We're one of the few companies that can offer artists and songwriters global impact across all platforms, services and geographies."

Read the original article on Variety.

To post a comment, you must register and login.