Published: Sun, January 07, 2018
Hi-Tech | By Wayne Curry

Spotify files to go public in NY

Spotify files to go public in NY

Wixen handles copyright management and royalty compliance for artists including Tom Petty, The Doors, Neil Young and Missy Elliot.

After months of speculation, Spotify reportedly filed IPO documents with the SEC confidentially at the end of December, according to an Axios report that cites anonymous sources.

If the company lists on the New York Stock Exchange, as expected, it would be the first to do so with a direct listing.

"The Settlement Agreement is procedurally and substantively unfair to Settlement Class Members because it prevents meaningful participation by rights holders and offers them an unfair dollar amount in light of Spotify's ongoing, willful copyright infringement of their works", reads a statement from Wixen. This will mean the shares have no predetermined price.

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This is just the latest legal action facing Spotify, which declined to comment on the lawsuit.

The company is the most successful in the music streaming business, with over 60m paying subscribers.

Spotify has been embroiled in copyright issues in the past: in May of a year ago, the company came to a proposed $43-million settlement to resolve a class action copyright lawsuit filed by multiple songwriters. But Spotify failed to properly obtain the equivalent rights for the compositions. In addition, Wixen Music Publishing is also seeking attorneys' fees and costs and injunctive relief.

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.

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