Warner Music sells a Full share in Spotify for 391 Million Pounds. Warner Music Group has sold all its shares in music service Spotify for 391 million pounds.
That was what the music distributor announced on Tuesday.
97 million pounds of sales rewards are shared with artists and record labels found on the streaming service, CEO Steve Cooper reports.
Earlier this year, Warner already sold 75 percent of the Spotify shares it owned.
Also states that sale has nothing to do with the belief that Warner has in the streaming service, Cooper said.
“We are greatly optimistic about the growth of streaming via subscriptions,” says the CEO.
“We expect Spotify to proceed to play a major role in that growth.”