Spotify Finally Goes Public! | MUSIK !D TV NEWS
It’s official! On April 3rd, Spotify has gone public on the New York Stock Exchange. Spotify’s concluding stock price was $149.01 on Tuesday. It has been revealed that Sony’s ancillary sold 17.2% of its Spotify share.. To clarify, 17.2% of Sony’s 5.71% stake in Spotify corresponds to 0.98% of the whole of Spotify’s corporation. This 0.98% means that Sony collected over $250m - $260m during the opening. Furthermore, Sony’s stake in Spotify is currently worth $1.51 billion.
The question is, how many of Sony’s shares in Spotify were collected as bargaining in licensing deals? How many were finally redeemed? It has been estimated that an musicians’s average streaming royalty rate across the general major labels’ deals haul is 18%-19%.
“In the event we do receive cash proceeds from the sale of these equity stakes, we will also share this revenue with our artists on the same basis as we share revenue from actual usage and digital breakage.” – Stephen Cooper, CEO of Warner Music Group
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