Universal Records to Sell Spotify Stock & Share Revenue With Artists
According to an article from Music Business Worldwide, Universal Records intends to sell its equity in music streaming platform Spotify and share the revenues from the sale with its artists. This comes just about a week after Spotify declared its intentions to become a publicly traded company. Sony and Warner pledged to take the same action two years ago but it wouldn't have mattered until Spotify went public. Sony owned the biggest stake in Spotify with 5.7%. Spotify is estimated to be worth up to $20 Billion. Yes, BILLION...with a B. For more information about the deal check out the Music Business Worldwide article at the link below. https://www.musicbusinessworldwide.com/universal-we-will-share-spotify-money-with-artists-when-we-sell-our-stock-in-streaming-platform/ Spotify goes public https://www.nytimes.com/2018/02/28/business/media/spotify-ipo.html