Spotify continues to attract attention, with whispers that the service may be gearing up to compete with iTunes gaining a little more credibility on news the major amd indie music labels own a slice of the service’s action.
Sony BMG, Universal Music, Warner Music, EMI and Merlin (the body which represents Europe’s independent labels all own shares in Spotify, shares the company offered the labels for an aggregate €8.8 million – presumably as part of the negotiation to secure permission to stream their music online.
Together, the labels own 18 per cent of Spotify. Sony BMG took the lion’s share, now owning 5.8 per cent of the service.