SONY MUSIC SELLS 270 BILLION NAIRA SPOTIFY STOCK; TO SHARE WITH ITS ARTISTES AND LABELS

Sony Music owns 5.7% of stakes in Spotify, but has now sold half of them. This was reported by Sony Corporation’s Chief Financial Officer Hiroki Totoki, to Wall Street.

Having made over 750 million dollars  (about 270,000,000,000 naira) from this sale, questions have been raised as to how Sony intends to divide this money among the labels and artists the company distributes for.

To level all raised brows, Sony has promised to share the Spotify stock profit with all concerned, even though there’s limited certainty with regards to who gets what. Sony is currently weighing options and working out methods through which the division would take effect with hints that the payment method may be based solely on individual conclusions reached by these artists and labels.