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Spotify Says Reports Music Labels Have Equity Are ‘Wrong’

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Spotify’s meteoric rise up the hype charts has brought with it some off-the-mark press reporting in recent weeks. Out of last week’s The Great Escape festival in Brighton, where CEO Daniel Ek joined two discussion panels, emerged down-page speculation that record labels recently made unannounced investments in the music streamer…

The Register: “The labels own 30 percent of Spotify through equity investments. It may be higher.” “It is understood that a portion of these companies have taken equity stakes in Spotify, but Mr Ek declined to reveal the details of individual agreements.” Such an arrangement would begin to look like MySpace Music, which is an equity joint venture between the labels and Fox Interactive Media…

But Spotify tells us that’s “wrong” and “pure speculation” and denied Ek made such a statement. It’s not quite clear what’s wrong (whether labels have a stake, whether Ek said as much or whether 30 percent is the correct equity stake) and we weren’t at the event in question, but the company says its ownership position has not changed since paidContent:UK interviewed Ek in March, when he told us: “We have invested about