Sony Music disburses $750 mn to artistes
Los Angeles, Aug 19 : Sony Music has begun to distribute the $750 million in profit it collected from the April sale of 50 per cent of its Spotify shares to the artistes and distributed labels within the Sony system.
Sony Music executives are calling the disbursement the "Spotify windfall", reports variety.com.
Sony, which held 5.7 per cent of Spotify's stock when the streaming service went public, will not count the funds against the artists' and label's unrecouped earnings.
It will be apportioned according to individual artiste and label contract terms and based on earnings over the last 10 years a" or since Sony's initial investment in the Swedish streaming upstart a" divisible against Sony's own revenues from the Spotify stock gain for that time period.
The cheques will arrive by the end of August as Sony had previously stated its commitment to sharing the sum with artists and distributed labels, variety.com reported.
Is this "off-cycle" payment essentially a gift?
"It's a completely voluntary payment," said Maverick's Larry Rudolph, whose management clients include Britney Spears, Aerosmith and Pitbull.
"In other words, had Sony not done this, nobody really could have complained. Theoretically, Sony got this equity on its own. But of course, they've recognized the fact that they couldn't have gotten it but for the artistes.
"And they made a wonderful decision to voluntarily share the wealth, which is rare in the music industry. So, I commend them highly on their decision."
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K'taka govt, Taiwan's Allegiance Group sign MoU to establish industrial technology innovation park
Bengaluru (PTI): Karnataka government on Friday signed an MoU with Allegiance International Co Ltd of Taiwan to establish an Indo-Taiwan Industrial Technology Innovation Park (ITIP) in the state, with a proposed investment of around Rs 1,000 crore.
The MoU was signed by Rahul Sharanappa Sankanur, Director, Department of Electronics, IT, BT and Lawrence Chen, VP, Allegiance Group in the presence of Chief Minister Siddaramaiah, Minister for Electronics, IT & BT Priyank Kharge, and senior officials.
The project will be undertaken by the Allegiance Group with a proposed investment of around Rs 1,000 crore, leading to the creation of about 800 direct jobs via the companies setting up operations in ITIP over a period of 5 years, the IT&BT Minister's office said in a statement.
The ITIP will serve as a dedicated hub for Taiwanese companies in electronics and semiconductors, fostering advanced manufacturing, R&D, and innovation. This collaboration aims to strengthen Karnataka's position as India's leading destination for Electronics System Design and Manufacturing (ESDM) and accelerate the growth of the semiconductor ecosystem in the state.
Key highlights of the MoU include establishment of a world-class industrial park to house Taiwanese firms in electronics and semiconductor sectors; development of a robust supply chain ecosystem for components, PCBs, and chip design; creation of high-value jobs and skill development programmes in collaboration with academic institutions; and promotion of technology transfer and global best practices to enhance India's competitiveness in electronics manufacturing.
CM Siddaramaiah said this partnership marks a significant step towards realising Karnataka's vision of becoming a global hub for electronics and semiconductor innovation.
"The ITIP will attract cutting-edge technology and investments, creating opportunities for our youth and strengthening India's position in the global value chain," he said.
Minister Priyank Kharge said Karnataka has led India's technology revolution and continues to dominate in innovation, deep-tech talent, and semiconductor design.
"This partnership will accelerate our efforts to build a robust electronics and semiconductor ecosystem. We are committed to creating a level playing field and ensuring that Karnataka remains the preferred destination for global investors in advanced technologies," he said.
Lawrence Chen said, "We are excited to collaborate with Karnataka, a state known for its technology leadership. The ITIP will be a catalyst for Taiwanese companies to expand in India and contribute to the growth of the semiconductor and electronics ecosystem."
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