Sony Music disburses USD 750 million to artistes

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.

Published: 19th August 2018 12:30 PM  |   Last Updated: 19th August 2018 12:30 PM   |  A+A-


For representational purposes (File | PTI)


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

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, 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."

Stay up to date on all the latest Entertainment English news with The New Indian Express App. Download now
(Get the news that matters from New Indian Express on WhatsApp. Click this link and hit 'Click to Subscribe'. Follow the instructions after that.)


Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on are those of the comment writers alone. They do not represent the views or opinions of or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp