Sony will be receiving up to US$1bn from its stake in Spotify, the owner of the European streaming service.
On Wednesday, Sony sold 17 per cent of its stake in the music streaming giant with the corporation owning 5.7 per cent of the company prior to its sale.
According to Bloomberg the sum reflects the earnings from the sale of Spotify stock earlier in the week plus the higher value of Sony’s remaining stake in the company.
On Tuesday their share price grew 26 per cent to US$165.90 and closed with a market valuation of US$26.5bn.
Spotify chose to debut on the NYSE via direct listing, an unusual route according to commentators.
During a press conference last month, Spotify CFO Barry McCarthy told attendees the company is targeting a revenue growth of 25 to 35 per cent. Last year its revenue growth was 39 per cent reaching €4.1bn.
