This is not true. They must be very insignificant shareholders (less than 1%).

https://finance.yahoo.com/quote/SPOT/holders/

Thabks for that. I've not been paying attention - the major labels have all sold (almost all) their stakes over the last few years.

I can’t find any references for when the 3 major labels held significant stakes in Spotify. Only Sony did with 5.7% at the time they went public, according to the principal shareholders section:

https://www.sec.gov/Archives/edgar/data/1639920/000119312518...

Other majors had slightly less than Sony each - just under the 5% threshold.