Sony Corp. said Wednesday it has sold some of its shares in Spotify Technology S.A., a major global provider of music streaming services.
Sony Music Entertainment (Japan) Inc. owned 5.7 percent of Spotify's total shares.
Sony Music provides its artists' music to the Swedish company.
Spotify started publicly trading on the New York Stock Exchange on Tuesday.
Sony sold about 20 percent of its shares in Spotify for a significantly higher price than it had anticipated. Largely due to gains from that sale, Sony could increase its earnings for the April-June quarter of this year by about 105 billion yen.
Spotify's core business is online music streaming services that allow customers to play music through the internet.
The company began offering services in Japan in 2016, and has made inroads into other Asian countries.
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