Warner Music Group has sold its entire holdings in Spotify stock for $504 million and will begin payments to artists and labels this month, the company announced on an earnings call Tuesday.
“In February 2016, we were the first major to announce a policy to share proceeds from equity in streaming services with artists,” said WMG CEO Steve Cooper.
WMG’s sale of Spotify stock will result in “$126 million credited to artist accounts on their June 30 royalty statements which are issued around the world in August and September.” That figure includes any payments due to labels whose contract with WMG required that they receive a share of Spotify stock sale profits.
Sony has also sold most or all of its stock in Spotify, leaving Universal Music Group with the last – and always the largest – major label stake in the music streamer.