Economy

Spotify sued for $2b in copyright infringement lawsuit

Spotify sued for $2b in copyright infringement lawsuit”

The lawsuit was filed in California last Friday, and alleges that Spotify has been using "thousands of songs" without the correct license. Wixen handles copyright management and royalty compliance for artists including Tom Petty, The Doors, Neil Young and Missy Elliot. As a result, it could launch on the New York Stock Exchange as soon as the first quarter of 2018.

The music industry has long since been at odds with music streaming and it appears that the battle isn't over yet. Earlier this year, Spotify settled a class-action lawsuit for $43.4 million and a separate lawsuit with the National Music Publishers Association for $30 million. Spotify has not responded to Hollywood Reporter with a comment on the lawsuit.

What do you think about this latest lawsuit against Spotify?

Spotify's direct listing over a traditional initial public offering of shares (aka IPO) is a novel one.

Whatever happens, Spotify may have to start cutting up its payments to rights holders with an X-acto knife, parsing microscopic payments among several parties for each stream of "Free Fallin'".

"While Spotify has become a multi-billion-dollar company, songwriters and their publishers, such as Wixen, have not been able to fairly and rightfully shares in Spotify's success", Wixen stated in documents filed at the United States District Court.

Once Spotify is accountable to shareholders to pay dividends, it's hard to imagine that the company is going to relent on either the legal or streaming compensation fronts.

Spotify is reportedly valued at $19 billion. It has more than 140m active users, over 60m of which are paying subscribers, and an estimated worth of $19bn.



Like this

loading...
loading...

Latest


06 January 2018
U.S. job gains disappoint, unemployment holds at 4.1%
Employment rose almost 2.1 million last year, slightly slower than 2016, President Barack Obama's final year in office. Retail payrolls fell by 20,300 in December, the largest drop since March, despite a strong Christmas shopping season.

06 January 2018
Investors Set Sail on Market Valuation For Brady Corporation (NYSE:BRC)
Finally, TPH Asset Management LLC raised its position in shares of Western Gas Partners, by 155.0% in the third quarter. The stock of Western Gas Partners, LP (NYSE:WES) earned "Hold" rating by Stifel Nicolaus on Thursday, August 31.

06 January 2018
Dana Investment Advisors Inc. Sells 7057 Shares of Align Technology, Inc. (ALGN)
Also, Director Joseph Lacob sold 29,724 shares of the business's stock in a transaction that occurred on Thursday, November 30th. Westport Asset Management Inc bought 30,077 shares as the company's stock declined 5.27% while stock markets rallied.

06 January 2018
The Scandal, How to Get Away With Murder crossover is happening
This Scandal-HTGAWM joint episode will be the first crossover of the Shondaland trio now on ABC . She posted a photo of herself, seemingly in Olivia Pope garb, on the set of HTGAWM .

06 January 2018
Caterpillar INC (CAT) Holding Increased by Marietta Investment Partners Llc
Oarsman Cap owns 13,200 shares. 197.84 million shares or 1.05% less from 199.95 million shares in 2017Q2 were reported. At the close of regular trading, its last week's stock price volatility was 4.47% which for the month reaches 4.69%.

06 January 2018
2 planes collide at Toronto Pearson airport
Emergency response crews are on scene, but there have been no reports of injuries at this time. A post on the Sunwing Vacations Facebook page confirmed the collision.

06 January 2018
Today Analysts Focus on Weyerhaeuser Company (WY), Tesla, Inc. (TSLA)
Tesla Motors, Inc. (NASDAQ:TSLA) now has a Weekly Volatility of 2.44% percent while its Monthly Volatility is at 2.68% percent. It increased, as 93 investors sold TSLA shares while 134 reduced holdings. 57 funds opened positions while 119 raised stakes.

06 January 2018
Renowned celebrity chef Zubaida Tariq passes away at 72
With a formal-sounding name, Mrs Zubaida Tariq, Apa, made her TV debut back in 1996 when she was in her 50s. They settled in Karachi , PIB Colony, where she lived with her five older sisters and four brothers.

06 January 2018
Texas Instruments Incorporated (TXN): What's the Story?
The stock of Texas Instruments Incorporated (NASDAQ: TXN ) has "Outperform" rating given on Monday, January 9 by Credit Suisse. Texas Instruments Incorporated designs, makes, and sells semiconductors to electronics designers and manufacturers worldwide.

06 January 2018
Meltdown and Spectre reveal Firefox passwords
This means an attacker could obtain passwords, encyption keys or steal information from other applications. The chances of this happening to the average user are slim, but still most certainly significant.