The Verge has obtained a copy of what it says was Sony Music's 2012-2013 contract with Spotify. The contract, which appears genuine, offers a unique glimpse in to the major labels relationship with Spotify.
A leaked contract between Sony Music and Spotify includes details of advances of up to $42.5 million, Spotify's charging 15% off the top of a very complex ad revenue formula, and a favored nations clause that kept Sony payments on par with its rivals.
Another intriguing tidbit:
Sony Music was given $9 million in free ad spots on Spotify which it could sell for profit.
Normally we'd summarize the contract and The Verge's analysis. This is so important and informative enough that we encourage read it in its entirety here.