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Spotify secretly files for IPO this year

Spotify secretly files for IPO this year

The lawsuit seeks at least $1.6 billion in damages and injunctive relief.

Music streaming service Spotify has been sued by a music publishing company for $1.6bn (£1.18bn), for hosting songs it allegedly doesn't have the full rights to.

Wixen Music Publishing now represent the catalogs of Journey, Missy Elliott, Rage Against The Machine, Weezer, and over 2000 more artists. Petty's "Free Falling", Rage Against the Machine's "Calm Like A Bomb" and more than 10,000 other songs are listed in the lawsuit. Like the earlier case, these ones held that Spotify hadn't fully complied with obligations under Section 115 of the U.S. Copyright Act. At the time, it was thought that Spotify might save tens of millions of dollars in fees by listing directly. Artists have long vilified Spotify's compensation arrangement, arguing that its per-stream rates are too low and that it willfully neglects to seek out the right licenses. Spotify declined to comment when contacted by Fortune. The legal action from Wixen actually comes on the heels of a class-action lawsuit from Melissa Ferrick and David Lowery, musicians who alleged that Spotify knowingly distributed unlicensed music and sought $150 million.

The lawsuit was filed in California last Friday, and alleges that Spotify has been using "thousands of songs" without the correct license.

As of July 2017, Spotify reported over 60 million subscribers worldwide for its service, which is available in 61 countries. It is reportedly valued at $19bn, and is expected to be floated on the stock market later this year.

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