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Spotify settles $1.6B Wixen suit

Published 12/20/2018, 01:51 PM
© Reuters.  Spotify settles $1.6B Wixen suit
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  • Spotify (NYSE:SPOT) settles the $1.6B Wixen Music Publishing lawsuit filed last year alleging the streaming service was using tens of thousands of songs without a proper license.
  • Financial terms weren't disclosed, but Spotify hasn't filed a disclosure with the SEC suggesting a lower amount. Sources tell TechCrunch that all of the settlement is going to back royalty payments and the agreement involves a new payment structure.
  • Wixen artists included Tom Petty, Stevie Nicks, and Neil Young.
  • Spotify shares are down 4.3% to $113.66.
  • Now read: Spotify Vs. Tencent Music: Not Even Close


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