It's taken two years and an IPO, but Universal Music Group is now ready to commit to sharing with its artists the bounty it could generate from the sale of its Spotify stock. A spokesperson with the Vivendi-owned major confirmed their intent in a one-sentence statement to Music Business Worldwide earlier this week.
"Consistent with UMG's approach to artist compensation, artists would share in the proceeds of a [Spotify] equity sale," the rep said.
UMG's widely expected move arrives two years after Warner Music Group and Sony Music Entertainment made similar pledges about equity proceeds. Indie label representative Merlin has also committed to paying out a portion of their Spotify stake via the Worldwide Independent Network (WIN)’s Fair Digital Deals Declaration.