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.



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