On Wednesday, the Mechanical Licensing Collective announced it had received $424.38 million in unmatched royalties from Apple Music, Amazon Music, and Spotify among other streaming services. Variety reports that these streaming services paid the accrued historical unmatched royalties, often called “black box money,” to the MLC in order to get these royalties to copyright holders, songwriters, and publishers who have applied to be MLC members.
Post Malone and 21 Savage have another accolade to add to their lists of accomplishments. Continue reading Post Malone and 21 Savage’s “Rockstar” Amasses More Than 2 Billion Streams on Spotify
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.