Thursday, 18 October, 2018

Spotify secretly files for IPO this year

Wixen is also seeking an injunction to “prevent and restrain Spotify’s ongoing Wixen is also seeking an injunction to “prevent and restrain Spotify’s ongoing
Olivia Ford | 07 January, 2018, 01:55

This comes after the streaming service agreed to pay $43 million in May for a possible class-action lawsuit by songwriters who claimed they didn't license or compensate them for their music. Wixen handles copyright management and royalty compliance for artists including Tom Petty, The Doors, Neil Young and Missy Elliot. This will mean the shares have no predetermined price.

Spotify has been embroiled in a number of battles with music publishers and musicians as of late, and the new influence of shareholders could make the company even more intransigent than it already has been.

Spotify has two outstanding lawsuits filed against it in July 2017, from publishers including Bob Gaudio of the group Frankie Valli and the Four Seasons.

Spotify is reportedly opting for a direct listing, rather than an IPO.

Before Spotify launched in the USA, the company made deals with major record labels to obtain the appropriate rights to the sound recording copyrights in the songs, the lawsuit states. In 2015, the company launched a "publishing administration system" to more fully recompense royalty holders, after punk label Victory Records claimed it was missing out on composition royalties, but Spotify has nevertheless faced further lawsuits since. In addition, Wixen Music Publishing is also seeking attorneys' fees and costs and injunctive relief.

In May past year, Spotify agreed to pay $43 million to settle a proposed class action from songwriters spearheaded by David Lowery and Melissa Ferrick.

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