Spotify hit with $1.6 billion copyright lawsuit

07 January, 2018, 01:58 | Author: Lynette Payne
  • Bloomberg

REUTERS/Dado RuvicEarphones are seen on top of a smart phone with a Spotify logo on it, in Zenica.

In May, Spotify paid $43.4 million to settle a class-action lawsuit filed by musicians Melissa Ferrick and David Lowery, who accused the digital music service of streaming their songs without a license.

If Spotify, which was valued at as much as $19 billion previous year, goes ahead with its plans, it would be the first major company to carry out a direct listing, an unconventional way to pursue an IPO without raising new capital. Axios first reported news of the filing. It has confidentially filed documents for IPO with the US Securities and Exchange Commission (SEC).

Blom's departure comes after Spotify has filed confidential plans to go public via a unique "direct" IPO; the company has been targeting a spring date for the listing.

"Spotify has built a billion-dollar business on the backs of songwriters and publishers whose music Spotify is using, in many cases without obtaining and paying for the necessary licenses", the lawsuit says. Wixen is seeking damages worth at least $1.6 billion.

Mad Catz Has Been Resurrected Under New Ownership
Speaking about the return, Mad Catz' Selena Chang explained that the company firmly believes that its "best days lie ahead". A filing for voluntary bankruptcy followed later that month, and that appeared to be the end of the Mad Catz story.

Spotify is gearing up to launch an initial public offering, expected as soon as first quarter of 2018.

But now it needs to deal with Wixen's lawsuit.

What are your thoughts on the Spotify's lawsuit?

"It is not in Wixen's interests or its constituents' interests to stop Spotify or really inflict harm on them because it is the main game in town for streaming", DeMarte said. It last reported 140 million active users in June.

The world's most popular streaming service Spotify has announced that it has added 10 million paying subscribers in the last six months and now has a total of 70 million paying subs.

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