Published: Sat, January 06, 2018
Economy | By Shawn Conner

Spotify Sued for $1.6 Billion Over Tom Petty, Doors Songs

Spotify Sued for $1.6 Billion Over Tom Petty, Doors Songs

It is the exclusive licensee of songs by artists like Tom Petty, Neil Young, Janis Joplin and the Doors.

"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 December 29 in U.S. District Court in L.A. The Hollywood Reporter earlier reported on the suit.

Those songs are also part of Spotify's 30 million-song catalog - but Wixen is claiming that the Swedish streaming company has failed to obtain permission to distribute over 10,000 titles it manages.

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A company spokesperson declined comment.

The music industry has long since been at odds with music streaming and it appears that the battle isn't over yet.

The lawsuit is just the latest copyright headache for the music-streaming service. A direct listing would be an usual move, and Reuters states that Spotify would be the first major company to do so.

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Analysts strongly suspect the company will attempt a stock flotation this year through a direct listing on the NYSE.

One thing throwing doubt on the deal is the $1.6 billion lawsuit against the company by Wixen Music Publishing.

In May, Spotify settled a class action lawsuit with a group of songwriters for $43 million.

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What's interesting about this is that Spotify is choosing to go public right away rather than start out with a float in which shares are created and sold in large quantities to the likes of banks and investment funds before the general public can start buying and selling. It has more than 140m active users, over 60m of which are paying subscribers, and an estimated worth of $19bn.

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