Spotify Might Have Already Confidentially Filed for Its IPO Last Month
07 January, 2018, 01:57 | Author: Simon Thompson
"Consequently, while Spotify has become a multibillion dollar company, songwriters and their publishers, such as Wixen, have not been able to fairly and rightfully share in Spotify's success, as Spotify has in many cases used their music without a license and without compensation", the lawsuit states.
Spotify has been embroiled in a number of battles with music publishers and musicians as of late, and the new influence of shareholders could make the company even more intransigent than it already has been.
Axios previously reported some details, citing unnamed sources, including that Spotify filed IPO documents in December for a public offering, citing unnamed sources. Spotify will reportedly go public under a direct listings - which allows a company to sell stock without the usual investor roadshow and saves on some banking expenses. Spotify declined to comment when contacted by Fortune.
Spotify has found itself in hot water over failure to pay royalties in the past, so much so that it agreed to fork out more than $43 million (~£32m) a year ago to settle a proposed class-action lawsuit claiming it failed to compensate independent artists. Song licensee Wixen Music Publishing filed the suit in California federal court. Wixen claims that Spotify didn't obtain the composition rights in their deals, and is seeking damages of $150,000 per song, for over 10,000 songs.
With 60 million paying customers and additional advertising revenue, Spotify are not thought to be looking to raise capital, but are instead attempting a unique trading system known as "direct listing".
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