×

Sony Has Sold Half of Its Spotify Shares

Sony sold approximately half of its shares in Spotify during the streaming giant’s first month on the New York Stock Exchange, according to Sony’s public filing issued Friday. The news was first reported by Music Business Worldwide, which estimated the amount generated as around $750 million.

SME owned 5.7% of Spotify’s stock, the most of any major label group, before Spotify was publicly listed on April 3. It sold 17.2% of those shares during Spotify’s first 24 hours of trading — generating around $260 million — and unloaded around 32% more before Friday.

Sony reps had no comment on the move.

“Sony owned 5.707% of Spotify’s shares (5.082% on a fully diluted basis) at the time of the public listing, approximately half of which have been sold to date,” the filing reads. “Due to the public listing and the subsequent sale of a portion of such shares owned by Sony, Sony expects to record an unrealized valuation gain for the shares Sony continues to hold after the listing and a realized gain for the shares sold, net of the estimated amount to be shared with its artists and distributed labels. The sum of the unrealized valuation gain (net) and the gain on the sale of shares (net) to be recorded for the fiscal year ending March 31, 2019 is expected to be approximately 100 billion yen in total,” or around $910 million.

The filing reiterates Sony’s commitment to sharing the proceeds from these sales with its artists and its distributed labels.

“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,” the company said in a statement in March. “This is consistent with our previously announced policy of sharing breakage and equity proceeds from digital catalog licenses with our artists and distributed labels.”

More Digital

  • GoNoodle I Used a Comma

    Can GoNoodle Climb to the Kid-Media Big Leagues?

    If you’re a parent of grade-school kids in America, the odds are good your tykes know about GoNoodle’s upbeat music and exercise videos, designed to get them up on their feet and moving around. But GoNoodle doesn’t have the same brand recognition as, say, Disney or Nickelodeon — and KC Estenson wants to change that. [...]

  • Friends TV Series

    'Friends' DVD, Digital Sales Soar as It Takes a Break From Streaming

    They’re on a streaming break — but “Friends” will still be there for you. WarnerMedia’s home entertainment division is aiming to capitalize on the brief disappearance of the hit sitcom from streaming video on demand, as fans look for other ways to get their “Friends” fix. Repeats of the wildly popular laffer, which ran for [...]

  • RuPaul

    RuPaul Launches Self-Help Internet Class Teaching You How to 'Work the Runway of Life'

    Legendary drag performer and TV star RuPaul is leading a self-help online course to teach you how to find your identity — and live your best life. The 16-lesson course, offered through online-education platform MasterClass, costs $90 for unlimited access. In RuPaul’s class on “self-expression and authenticity,” he shares experiences from his journey to self-love [...]

  • Spotify and Resident Advisor Announce Ticketing

    Spotify Unveils Ticketing Partnership With Dance Music Platform Resident Advisor

    Spotify today announced a ticketing partnership with influential dance-music website Resident Advisor with the goal of “supporting music communities around the world by increasing attendance to thousands of local venues and parties.” The program will connect Spotify users to events by artists via localized event listings promoted within the application. The program is similar to [...]

  • charlie hunnam TIFF 2019 Kelly Gang

    Apple TV’s 'Shantaram' Halts Production Amid Search for New Showrunner, Weather Problems

    Production of Apple TV Plus’ Charlie Hunnam-starring “Shantaram” has been halted in Australia due to a writing backlog. Only two of 10 episodes shot so far, Variety has confirmed. Though all episodes had been outlined in the writers’ room, it is understood that showrunner and high-profile screenwriter Eric Warren Singer (“Top Gun: Maverick,” “American Hustle”) [...]

  • Pictured: Patrick Stewart as Jean-Luc Picard

    CBS All Access, Showtime to Reach 16 Million Streaming Subscribers By Year's End

    CBS All Access and Showtime are on track to garner a combined 16 million subscribers by year’s end, ViacomCBS CEO Bob Bakish told investors Thursday. ViacomCBS’ subscription-streaming offerings ended 2019 with 11 million subscribers in total, a 50% gain over 2018. CBS Corp. previously forecast the two streaming services would reach 25 million subscribers by [...]

  • delete Me

    Viaplay Orders Young Adult Series 'Delete Me' From Norway (EXCLUSIVE)

    Viaplay, Scandinavia’s leading streaming service, has ordered “Delete Me,” a Norwegian form series skewing young adults and headlined by cast of up-and-comers. Written and directed by Marie Kristiansen (“Young and Promising”), the series uses innovative narrative techniques to explore vital contemporary topics such as cyber-bullying, hacking and exclusion. Each episode of 20 minutes is told [...]

More From Our Brands

Access exclusive content