Spotify Confidentially Files IPO Documents

Spotify Confidentially Files IPO Documents

Spotify Confidentially Files IPO Documents

California-based Wixen Music Publishing alleges 10,784 of its songs were streamed or downloaded "billions of times" via Spotify's app - without a licence or compensation being paid to the music publisher.

It is the exclusive licensee of songs by artists like Tom Petty, Neil Young, Janis Joplin and the Doors.

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

An initial $43 Million settlement offer made by Spotify previous year was rejected and now they face a much bigger lawsuit over the coming months. Those cases also charged Spotify with playing music without proper licensing and compensation.

He learned that the music streaming company filed with the SEC at the end of December.

Spotify has declined to comment.

The company filed for confidentially for an initial public offering with the U.S. Securities and Exchange Commission, sources told Axios and Reuters. That's created to make it easier for the company to go public - and it would not dilute the current equity of executives and investors - but also means it won't raise capital with the IPO. 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.

Spotify is valued at approximately $15 billion, and would therefore be the largest company to attempt a direct listing, and the first to do so on the New York Stock Exchange. In July, Spotify counted 60 million subscription-paying users worldwide, with 80 million more using its free tier.

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