labels are getting rid of their Spotify actions

Apple Music, stay tuned: labels are getting rid of their Spotify actions

That the Spotify the biggest service streaming the world and shows no signs of letting go of the leadership bone, everyone is bald to know Apple Music, at least in the short term, will have to settle for a comfortable vice-leader in the segment. But could there be a movement that indicates a loss of power in the Swedish musical giant? At least what indicates (or can indicate) the Recode.

According to the website, two of the largest record labels in the world that bought large packages of shares from the streaming at the time of their growth they are selling part of their shares in Spotify, for reasons not yet confirmed.

Last week, Sony (the record company with the largest share of Spotify) announced that it was selling half of its shares in the company for about $ 750 million; today was the turn of Warner Music Group to announce that it is selling 75% of its stake in the company, for an amount close to $ 400 million.

Although the reasons for the sales are not specified, Warner CEO Steve Cooper pointed out at the company’s financial results conference that they do not reflect any kind of pessimism about Spotify’s future whether that is a sincere statement or just a phrase. to appease the moods of potential shareholders (after all, Spotify, today, one of the most important sources of income for record labels in the world), nobody knows.

The fact that Apple must have read this news with its eyes glued to the screen, because any possible (future) crisis of its biggest competitor in the musical area can be quite an opportunity for Ma to strike out and conquer the leadership of the segment. Is that the case? We’ll have to wait and see.

via 9to5Mac