Spotify is being sued for $1.6 billion2018-01-03 12:44 by DanielaTags: Spotify
A company representing thousands of songwriters including Tom Petty, Neil Young and Steely Dan has sued streaming music provider Spotify seeking at least $1.6 billion in damages. Wixen Music Publishing has sued Spotify for using thousands of songs allegedly without license and compensation. "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," alleges the suit, filed Dec. 29 in U.S. District Court in L.A. A successful lawsuit would be severely damaging to Spotify. It's still losing money after years of operation, and its entire revenue in the first half of 2017 amounts to $2.2 billion. It would go deep into the red and would likely have to raise subscription fees to have a hope of staying afloat. As such, we'd expect Spotify to fight the case tooth and nail, or at least look for a much smaller settlement. Read more -here-
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