“In its earnings call on Tuesday morning, Warner Music Group announced that it has now sold its entire stake in Spotify, realizing $504 million,” Jem Aswad reports for Variety. “CEO Steve Cooper said that the sale resulted in $126 million ‘credited to artist accounts on their June 30 royalty statements which are issued around the world in August and September.'”
“Of the other three label groups, Sony Music sold approximately 50% of its shares for an estimated $750 million, the company revealed in a public filing in May, while independent label collective Merlin sold 100% of its shares for an amount estimated at upward of $125 million and immediately distributed the earnings to its members,” Aswad reports. “Universal Music Group has not sold its shares, perhaps in anticipation of parent company Vivendi’s plan to sell 50% of that business unit.”
Read more in the full article here.
MacDailyNews Take: Getting out while the getting is good.
If Warner Music Group were smart, they’d turn around and put that $504 million straight into AAPL.
Along with perfect integration with their iPhones, iPads, Macs, Apple Watches, and HomePods, smart people have 15 million more reasons for choosing Apple Music over Spotify:
You’d have to be stupid to subscribe to Spotify when it has 33% fewer tracks than Apple Music for the same price. Apple Music boasts a catalog of 45 million songs; Spotify has a mere subset of just 30 million. Don’t be stupid. If you’re still subscribing to Spotify, it’s past time for you to cancel it and upgrade to Apple Music. (See also: How to move your Spotify playlists to Apple Music.) – MacDailyNews, February 6, 2017
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