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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SWR announces special trains for passengers stranded by large-scale IndiGo cancellations
Bengaluru (PTI): The South Western Railway on Saturday announced a series of special trains, in coordination with Central, South Eastern and Southern Railways, to clear stranded passengers following large-scale IndiGo flight cancellations across the country.
The special services will operate between December 6 and 10 on high-demand routes, including Bengaluru–Chennai, Bengaluru–Pune, Yesvantpur–Hazrat Nizamuddin, Shalimar–Yelahanka and Ernakulam–Yelahanka, officials said.
According to an official statement, SWR will run Train No. 06255/06256 between Chennai Egmore and KSR Bengaluru, 06257/06258 between Bengaluru and MGR Chennai Central, 06259/06260 between Yesvantpur and Hazrat Nizamuddin, and 06263/06264 between Bengaluru and Pune.
ALSO READ: Indigo flights chaos: SCR to run special trains to clear passenger rush
Central Railway will operate Train No. 01413/01414 between Pune and Bengaluru, while South Eastern Railway will run Train No. 08073/08074 between Shalimar and Yelahanka. Southern Railway will operate Train No. 06147/06148 between Ernakulam and Yelahanka, the statement said.
Railways has advised passengers to check updated timings on its official channels and arrive early at stations.
For at least five days in a row, IndiGo flight operations have been significantly disrupted, with a large number of cancellations and delays causing hardships to thousands of passengers. In many cases, baggage has been misplaced.
