On Tuesday, Sony Corporation sold 17.2 percent of the company’s Spotify shares, which amounted to 1,748,304 units. As of the closing bell on the New York Stock Exchange, the price was concluded at $149.01. It was reported, through the Securities and Exchange (SEC) disclosure, that the sale resulted in a net gain of over $260 million for Sony. Previous SEC filings by Sony showed that the company also had 5.707 percent or 178.11 million outstanding shares from Spotify.

It is expected that Sony will have a record gain of $97.30 per share, which will be reported on the company’s next earnings report.

According to Sony’s SEC filing, the unrealized valuation and the realized gain through the sales of its shares were formulated by abstracting the predetermined estimated shares that would be public as well as an aggregate that is actually shared with distribution labels and artists. With that calculation, Sony’s $97.30 per share gain is solely its own and does not include any royalty distribution payments to artists or independent record labels.

However; according to some analysts in the music industry, the numbers by Sony are somewhat sketchy. Since there isn’t a way of knowing just how much of Spotify’s stock that Sony had prior to SEC trading for the digital services, some analysts are estimating that $31.80 per share would be a reasonable amount to allocate among artists and independent record labels.

Many record labels have stated that any profits would be shared with the artists; however, there hasn’t been any public disclosure of how the payments would be calculated. The Worldwide Independent Network, a music market research company, has also stated that any profits should be distributed among those artists.

There hasn’t been a comment made by Sony regarding its previous Spotify shares.