Spotify is experiencing a $ 1.6 billion case against Wixen Music Publishing. According to the application filed on December 29, 2017, the music service has failed to pay royalties to the publishing company at about 21 percent of the time.
Spotify is experiencing $ 1.6 billion in action!
Music licensing company Wixen; Tom Petty, Rage Against The Machine, Missy Elliott, Neil Young, Weezer, Beach Boys and many more artists. Spotify's service is underlined that you do not have the necessary mechanical licenses to reproduce and / or distribute music compositions.
Meanwhile, the licensing company is demanding attorneys' fees, costs, and precautionary measures, as well as $ 1.6 billion in damages for $ 150,000 per composition.
It is also noteworthy that this giant case will be opened before Spotify's public offering, which is scheduled to take place this year. The company, worth $ 19 billion, remains silent as to whether this case will be effective on the public offering.
sheesh it doesn't seem good for spotify. this would definitely hurt their public offering imo.
On a side note, this is one area where i think distributed ledger tech could actually be useful. Create something where Music companies are getting exactly what they are supposed to. Maybe this kind of blockchain company exists and i just dont know it.