Spotify secretly files for IPO this year

Neil Young performs during the 30th Anniversary Bridge School Benefit Concert at Shoreline Amphitheatre on Oct. 23 2016 in Mountain View Calif

Spotify secretly files for IPO this year

Wixen Music oversees tracks by artists including Neil Young, Tom Petty, Steely Dan's Donald Fagen, Stevie Nicks, The Doors, Weezer, Rage Against The Machine's Zach de la Rocha and Tom Morello, Dan Auerbach, Sonic Youth's Kim Gordon and more.

The full complaint can be read below. New reports claim the music haven has received a $1.6 billion lawsuit over unpaid royalties.

With 60 million paying customers and additional advertising revenue, Spotify are not thought to be looking to raise capital, but are instead attempting a unique trading system known as "direct listing".

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The streaming service got hit with another two lawsuits in July. Essentially, the complainants said that Spotify was reproducing songs on its platform without setting out a "notice of intention" and making payments for the songs' usage. That suit, Wixen alleges, "does not adequately compensate Wixen or the songwriters it represents". The publisher further alleges that "as much as 21 percent of the 30 million songs on Spotify" are missing proper licenses, and for that, they are seeking $1.6 billion in damages - or approximately $150,000 per composition. The case is Wixen Music Publishing, Inc. v Spotify USA. "Spotify brazenly disregards United States copyright law and has committed willful, ongoing copyright infringement... For these reasons and the foregoing, Wixen is entitled to the maximum statutory relief".

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

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