It’s been a long road for Spotify in terms of going public, but now that day is here. The company is now public; it took the unusual step of pursuing a direct listing, rather than the more traditional IPO. Shares were set at a price of $132 by the New York Stock Exchange late Monday, according to Reuters. That gives Spotify a value of over $23 billion.
Spotify is no stranger to facing lawsuits accusing it of offering unlicensed songs, but the latest could prove to be very costly. Hollywood Reporter has learned that Wixen Music Publishing, which manages the song composition rights for artists ranging from Neil Young to Zach de la Rocha, has sued Spotify for copyright damages of at least $1.6 billion. Wixen claims that the streaming service is using tens of thousands of songs without proper licenses and the compensation to match. The plaintiff had already objected to proposed $43 million settlement in another case in May, so this wasn’t coming entirely out of the blue.
Prince removed his music from every streaming service except Tidal in July 2015, but the artist’s catalog returns this Sunday. Spotify and HeartRadio have confirmed the return of works like 1999, Purple Rain and Diamonds and Pearls. You can see all the albums that Spotify will offer right here. Engadget has learned that Amazon Music will also offer the tunes and BBC reports Prince’s music will be available on Apple Music and Napster as well. However, there’s still no word from Google or SoundCloud as to whether their services will offer the artitst’s discography.
Cyber attacks targeting a little known internet infrastructure company, Dyn, disrupted access to dozens of websites on Friday, preventing some users from accessing PayPal, Twitter and Spotify.
Drake, Rihanna and Kanye West are reportedly the top three most-streamed artists of 2016 so far, according to HITS Daily Double. The publication reveals that Drake has earned 1.44 billion streams, Rihanna – 795 million, and Kanye – 753 million. After Kanye isJustin Bieber with 658M and Beyonce with 592M on all streaming services like Apple Music, TIDAL and Spotify. Rounding out the top ten are Future, G-Eazy, The Weeknd, Kendrick Lamar and Eminem.