Artists Stand to Make Millions After Universal Unloads Spotify Stock

Universal Music Group has sold off a portion of its stake in Spotify, reportedly raising around $467 million. Under a policy in place since 2018, artists on the label are entitled to a share of the proceeds, while UMG is directing its own portion toward a share buyback program it recently doubled to €1 billion.

— Aggregated by DJ Radar. Original report via EDMTunes: edmtunes.com