Merlin, the global digital rights agency for indie labels, announced this week that it has sold its entire equity stake in Spotify and has already shared the proceeds with its members. Speaking with Music Week, Merlin CEO Charles Caldas said Spotify's switch to a public company compelled the rights body to move quickly on the divestiture of its stake.
"Merlin is an organisation that exists solely to maximise the value of our members’ rights and keeps only the monies that it needs to operate," Caldas said. "It is outside of Merlin's remit to hold a long-term equity position in a publicly-listed company where there is a liquid and transparent market for that equity. We therefore worked quickly to liquidate our interest in Spotify and have passed the proceeds to our eligible members."