Spotify is being sued for $1.6 Billion
The streaming giant may be in big trouble
Looks like 2018 may be a turbulent year for Spotify as the streaming platform is currently being sued for $1.6 Billion by Wixen Music Publishing.
The publishing house looks after the likes of Missy Elliott, The Doors, Rage Against The Machine, Tom Petty and Ride and has said that Spotify didn't secure the necessary rights for tracks by their artists.
In part of a statement released by Randall Wixen, CEO of Wixen, he said: "We’re just asking to be treated fairly. We are not looking for a ridiculous punitive payment. But we estimate that our clients account for somewhere between 1% and 5% of the music these services distribute,"
He continues "Spotify has more than $3 billion in annual revenue and pays outrageous annual salaries to its executives and millions per month for ultra-luxurious office space in various cities."
An initial $43 Million settlement offer made by Spotify last year was rejected and now they face a much bigger lawsuit over the coming months.
Spotify have so far refused to comment on the matter. More news when it arrives.
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