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."
Let the Truth be known. If you read VB and like VB, please be a VB Supporter and Help us deliver the Truth to one and all.
Belagavi youth’s murder case projected as road accident, cracked in Uttara Kannada; Three arrested
Karwar: Uttara Kannada police have cracked a murder case in which a Belagavi youth was killed and his body burnt inside a car to make it appear like a road accident.
Addressing a press meet in the city, Superintendent of Police Deepan M.N. said three accused from Old Hubballi have been arrested in connection with the case. The crime was a pre-planned act driven by personal enmity, he said.
The case came to light on April 8 morning when a car (KA-04/MJ-8996) was found completely burnt in a roadside ditch near Talekumbri bus stand in Yellapur. Only charred human remains were found inside the vehicle. Initially, it was suspected to be an accident caused by overspeeding, and a case was registered at Yellapur police station based on a complaint filed by the deceased’s father, Jagannath Dhapale.
However, the father later expressed suspicion that his son’s death was not accidental, prompting a detailed investigation.
Taking the matter seriously, two special teams were formed under the leadership of Yellapur Inspector Ramesh Hanapur. On analysing technical evidence and CCTV footage, police found that it was a planned murder.
The accused have been identified as Abdul Raheem Basheer Ahmed Mujawar (32), Maulasab Bavahan Wada (36) and Dadapeer alias Aftab Mehboob Saab Balasangi (22), all chicken traders from Old Hubballi.
Police have seized the car used in the crime along with two scooters. The accused have been remanded to judicial custody.
Investigations revealed that the accused killed Nitesh Dhapale due to personal enmity and later set the car on fire along with the body to project it as an accident.
SP Deepan M.N. appreciated the efforts of Inspector Ramesh Hanapur, PSIs Rajashekhar Vandali and Siddappa Gudi, and the entire team for solving the complex case.
