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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After UCC, nobody will be able to marry 4 women and beget 25 kids: Rajasthan minister Dilawar
Kota (Rajasthan), Apr 23: Rajasthan minister Madan Dilawar on Tuesday said a uniform civil code is bound to be implemented in the country and it will not be possible for someone to "marry four women and beget 25 children", and avail the benefits of government schemes.
Addressing a press conference here, Dilawar also said that the Congress is the most corrupt party in the world.
"After this election, the UCC will be implemented in the country...the day is not far when it will not be possible for a man to marry four women and beget 25 children, and avail the benefits of government schemes claiming to be from the minority community," the state education minister said.
Lashing out at the Congress over corruption, Dilawar alleged that the party during its previous tenure at the Centre would illegally take away around Rs 25 lakh crore of the people every year.
Earlier, the total tax collected by the government was only Rs 5 lakh crore but now more than Rs 20 lakh crore is collected only through the GST, and including all taxes more than Rs 35 lakh crore is estimated to be collected, he said.
"So, the question is what happened to about Rs 25-30 lakh crore in the Congress tenure...these Congressmen would 'burp' Rs 25 lakh crore every year during their time," Dilawar alleged.
Referring to paper leak episode in the previous Congress government in Rajasthan, Dilawar alleged corers of rupees were given to former chief minister Ashok Gehlot and Govind Singh Dotasara.
"Small 'fishes' have been trapped, now 'big crocodiles' involved in the scam will be trapped...Gehlot Sahab and Dotasara Sahab will go to jail," he claimed.
