Wednesday, 17 October, 2018


Spotify Might Have Already Confidentially Filed for Its IPO Last Month

Spotify Might Have Already Confidentially Filed for Its IPO Last Month Spotify Might Have Already Confidentially Filed for Its IPO Last Month
Hannah Rogers | 06 January, 2018, 00:24

Stevie Nicks and Tom Petty are among the artists named in the lawsuit.

"As a result, 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", reads the lawsuit.

Spotify is the largest music streaming service on earth. Wixen holds the licenses for songs from Tom Petty, The Doors, The Beach Boys, and others.

According to that act, there are two separate copyrights for every recorded song: one for the sound recording and one for the musical composition (the song's words and musical notation).

"In 2011, Spotify faced a choice to either obtain all the required rights to the songs and significantly delay its United States launch, or move forward without proper licenses and face the legal ramifications later", the publisher stated. Spotify is thus streaming unlicensed music without compensating songwriters.

Can Wixen realistically expect to squeeze $1.6 billion out of Spotify? They alleged that Spotify had failed to adequately pay royalties for some songs on their service. But Spotify is likely looking forward to a possible legislative solution to how to handle licensing of songs. Spotify will reportedly go public under a direct listings - which allows a company to sell stock without the usual investor roadshow and saves on some banking expenses. Wixen says in its lawsuit that Spotify's proposal doesn't go almost far enough, and accuses Spotify of disregarding its obligations to publishers in its initial "race to be first to market". It's now facing three other suits in Tennessee over unpaid royalties.

Spotify declined to comment on the matter.

That's right, Spotify users could lose the ability to stream "Mr. Roboto". The lawsuits say that Spotify hasn't done this in many cases.

The IPO is rumored to take place in the first half of 2018. So if someone filed a copyright suit against a record label today, the label would get a retroactive free pass. Hundreds of artists and publishers, including Wixen, decried the settlement as too low, which may explain the hefty $1.6 billion that Wixen is now demanding.

It raised $1bn (£740m) in a debt deal with private equity companies in 2016, an agreement with terms linked to an eventual public offering.

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