This increased competition is good news for our business, and we’re happy to see Warner Music Group has sold its entire stake in Spotify for $768m and will share $126m with its artists in the form of royalty payments. Warner Music CEO Steve Cooper said Warner Music and YouTube 's new premium services were good news for its business, as was Facebook 's recognition of the value that music brought to its platform. Spotify is now larger than Warner Music Group , with 180 million ad-supported active monthly users. The move leaves Facebook as the last major music label with a notable holding in Spotify after Sony sold most of its stake for $768m .
Warner Music Group has sold its entire stake in Spotify for $768m and will share $126m with its artists in the form of royalty payments. Warner Music CEO Steve Cooper said Warner Music and YouTube 's new premium services were good news for its business, as was Facebook 's recognition of the value that music brought to its platform. Spotify is now larger than Warner Music Group , with 180 million ad-supported active monthly users. The move leaves Facebook as the last major music label with a notable holding in Spotify after Sony sold most of its stake for $768m .