Spotify reportedly signs Sony royalty dealJuly 12, 2017 - 17:39 AMT PanARMENIAN.Net - Spotify has reached a licensing deal with a second major label, Sony Music Entertainment, according to media reports, setting the stage for a U.S. stock market listing by the music streaming leader, Reuters reports. Recently valued at $13 billion, Sweden's Spotify is planning a direct listing on the New York Stock Exchange later this year or in early 2018, sources told Reuters in May. Sony agreed to reduce royalties that Spotify must pay in return for the streaming service restricting new albums to paying subscribers for two weeks before offering access to free users, the Financial Times reported, citing a single source. Sony's top artists include Adele, Beyonce and Shakira. Spotify is also in talks with Warner Music Group , Billboard reported. Favorable royalty terms are crucial for Spotify to attain profitability and to make it a viable long-term holding for investors. The company reported a 349 million euro ($400 million) operating loss, a 47 percent increase on a year earlier, even as revenue grew 50 percent to 2.93 billion euros. In April, it signed a multi-year licensing deal with Vivendi's Universal Music Group, with a similar two-week release window for new albums and a break on the royalties Spotify pays Universal. It also signed up digital agency Merlin, on behalf of more than 20,000 independent labels. Spotify declined to comment. Sony Music Entertainment and Warner Music Group did not respond to requests for immediate comment. Top stories Yerevan will host the 2024 edition of the World Congress On Information Technology (WCIT). Rustam Badasyan said due to the lack of such regulation, the state budget is deprived of VAT revenues. Krisp’s smart noise suppression tech silences ambient sounds and isolates your voice for calls. Gurgen Khachatryan claimed that the "illegalities have been taking place in 2020." Partner news Most popular in the section | Armenia to participate in key EU meeting for the first time ever National Assembly speaker Alen Simonyan has said that Armenia will for the first time participate in the Conference. U.S. reacts to Russia’s criticism of upcoming Armenia-EU-U.S. meeting Matthew Miller has weighed in on Russia’s criticism of an upcoming Armenia-EU-U.S. meeting. Lavrov sees ‘collapse’ of Russia’s ties with Armenia Russian Foreign Minister Sergey Lavrov has underscored heightened tensions between Russia and Armenia. Russia clarifying reports on Baku’s alleged arms supply to Ukraine Russia says is carefully working to verify reports about alleged arms supplies from Azerbaijan to Ukraine |