Warner Music Group has sold its entire stake in Spotify for $504m and will share $126m with its artists in the form of royalty payments. Warner Music CEO Steve Cooper said Amazon 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. other large tech companies, such as Facebook, begin to recognize the true value that music brings to their platforms," he said. The deal is a major coup for Amazon, which had been struggling against rivals such as Apple and Google on streaming services. The move leaves Universal Music Group 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 $504m and will share $126m with its artists in the form of royalty payments. Warner Music CEO Steve Cooper said Amazon 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. The deal is a major coup for Amazon, which had been struggling against rivals such as Apple and Google on streaming services. The move leaves Universal Music Group as the last major music label with a notable holding in Spotify after Sony sold most of its stake for $768m.