Two of the three major record labels stand to gain more than $1 billion (U.S.) after selling stakes in Spotify Technology SA, the streaming music company that went public last month. Sony Corp.’s record label has sold about half of its stake for $750 million, according to a regulatory filing. Spotify has proven to be a boon for the record labels, even as they remain a shadow of their former selves. Royalty checks from the streaming service have helped boost music-industry sales three years in a row. Now the labels will be able to use money from their equity sales to pay artists and fund acquisitions.

Source: thestar May 07, 2018 14:03 UTC