Sony Music disburses $750 mn to artistes

Aug 19, 2018

Los Angeles:Sony Music has begun to distribute the $750 million in profit it collected from the April sale of 50 per cent of its Spotify shares to the artistes and distributed labels within the Sony system.

Sony Music executives are calling the disbursement the “Spotify windfall”, reports variety.com.

Sony, which held 5.7 per cent of Spotify’s stock when the streaming service went public, will not count the funds against the artists’ and label’s unrecouped earnings.

It will be apportioned according to individual artiste and label contract terms and based on earnings over the last 10 years a” or since Sony’s initial investment in the Swedish streaming upstart a” divisible against Sony’s own revenues from the Spotify stock gain for that time period.

The cheques will arrive by the end of August as Sony had previously stated its commitment to sharing the sum with artists and distributed labels, variety.com reported.

Is this “off-cycle” payment essentially a gift?

“It’s a completely voluntary payment,” said Maverick’s Larry Rudolph, whose management clients include Britney Spears, Aerosmith and Pitbull.

“In other words, had Sony not done this, nobody really could have complained. Theoretically, Sony got this equity on its own. But of course, they’ve recognized the fact that they couldn’t have gotten it but for the artistes.

“And they made a wonderful decision to voluntarily share the wealth, which is rare in the music industry. So, I commend them highly on their decision.”

(IANS)

Two kids killed, one hurt as car in convoy of Brij Bhushan Singh’s son runs them over in UP

Gonda (UP): Two children died and one was injured after a car in the convoy of BJP candidate from Kaiserganj, Karan Bhushan Singh, ran them over near Baikunth Degree College...

Sex videos case: JD(S) MP Prajwal Revanna’s arrest warrant issued, says K’taka HM

Bengaluru: Karnataka Home Minister Dr. G Parameshwara stated on Wednesday that the warrant for JD(S) MP Prajwal Revanna’s arrest had been issued. The fugitive MP who is former Prime Minister,...

Fresh allegation claims Kerala CM’s daughter holds bank account in Middle East

Kochi: Even as the Kerala High Court is set to hear a case against Exalogic, the IT firm of Kerala Chief Minister Pinarayi Vijayan’s daughter Veena Vijayan, a fresh allegation...

Amid heatwave, 50 students faint in schools in Bihar

Patna: At least 50 school students fainted in various schools in three districts of Bihar -- Sheikhpura, Begusarai and Motihari (East Champaran) on Wednesday -- due to heatwave. In Sheikhpura,...

Cut marks on 4,000-yr-old skulls show ancient Egyptians tried to treat cancer

New Delhi: Ancient Egyptians attempted to operate on excessive tissue growth or learn more about cancerous disorders after a patient's death, revealed a study on two 4,000-year-old skulls. Known to...

LinkedIn is so ‘cringe’ it will make your toenails curl: Musk

New Delhi: Tesla and SpaceX CEO Elon Musk on Wednesday attacked Microsoft-owned largest professional network LinkedIn, saying this platform is "so cringe it will make your toenails curl", as the...

North Korea sends over 150 balloons carrying trash into South: Seoul military

Seoul: North Korea has sent more than 150 balloons carrying trash across the inter-Korean border, Seoul's military said on Wednesday, after the North warned of "tit-for-tat action" against anti-Pyongyang leaflets...

Spain officially recognises Palestinian statehood to ‘advance peace’

Madrid: Spain's left-wing government formally announced the recognition of a Palestinian state on Tuesday, after the decision was made, along with Norway and Ireland last week. "This is a historic...

Self-styled godman Ram Rahim, four others acquitted in 2002 murder case

Chandigarh: The Punjab and Haryana High Court on Tuesday acquitted Dera Sacha Sauda’s controversial self-styled godman, Gurmeet Ram Rahim Singh, in the Ranjit Singh murder case. Despite the acquittal, Ram...

Nails, needles, nuts and bolts removed from man’s stomach in Jaipur

Jaipur: Doctors at Sawai Man Singh (SMS) hospital in Jaipur have removed nails, needles, keys, nuts and bolts, all made of iron, from the stomach of a young man. The...

Post poll campaign, PM Modi to meditate at Vivekananda Rock Memorial in Kanyakumari

New Delhi: Prime Minister Narendra Modi is all set to visit Kanyakumari for meditation, soon after the conclusion of the high-octane poll campaign. He is likely to spend at least...

ECI removes Sandeshkhali SDPO three days before LS polls

Kolkata: The Election Commission of India (ECI) on Tuesday ordered the immediate removal of the sub-divisional police officer (SDPO) at Sandeshkhali in North 24 Parganas district, Aminul Islam, just three...

Read Previous

US ends Syria development fund, says Trump; urges ‘rich countries’ to pay

Read Next

Mexican astrophysicist discovers first galaxies in universe

Leave a Reply

Your email address will not be published.

WP2Social Auto Publish Powered By : XYZScripts.com