Spotify is being sued for $1.6 Billion

Spotify founder and CEO Daniel Ek

Wixen Music Publishing, which licences music from late star Tom Petty, Neil Young, The Beach Boys, The Doors and Stevie Nicks, claims the streaming giant failing to obtain either a direct or compulsory licence to reproduce and distribute the songs. According to The Guardian, Wixen is seeking damages of $150,000 per song for more than 10,000 songs. As a result, it could launch on the New York Stock Exchange as soon as the first quarter of 2018.

Spotify has been embroiled in copyright issues in the past: in May of previous year, the company came to a proposed $43-million settlement to resolve a class action copyright lawsuit filed by multiple songwriters.

Global News has reached out to Spotify for further comment. By pursuing a direct listing, Spotify can skirt underwriting fees typically required for an IPO, though the move could hurt its shares because underwriters won't be evaluating or buoying the price.

DeMarco Murray out for Saturday
Henry is set to be the lead back again this weekend as the Titans have again ruled DeMarco Murray out with a knee injury. Kansas City has its own injury issues.

Reports of Spotify's public financial initiatives arrived just hours after the company was hit with a $1.6 billion lawsuit.

The company is the most successful in the music streaming business, with over 60m paying subscribers. Earlier this year, Spotify settled a class-action lawsuit for $43.4 million and a separate lawsuit with the National Music Publishers Association for $30 million. Spotify has maintained it wants to properly compensate for the music it streams, but has not always been able to find the data to identify rights holders.

The Music Modernization Act, a bill introduced two weeks ago in the U.S. House of Representatives, would make it easier for streaming services to acquire proper licenses and bolster royalty payments to copyright owners.

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