Spotify has reached a settlement in their lawsuit with Wixen Music Publishing.
Spotify and Wixen Music Publishing announced on Thursday that they have reached a settlement in their lawsuit that had been ongoing since last December. According to Complex, Wixen music publishing filed the lawsuit with Spotify because they believed the streaming service was using songs without the proper license and was not compensating artists fairly.
The publishing company was seeking $1.6 billion from Spotify while representing artists such as Neil Young, The Doors, and Tom Petty. Spotify will reportedly have to pay an unknown sum to Wixen as part of their settlement.
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A statement was made by both parties after coming to an agreement. It shows that two will now be entering a mutual partnership stating:
"Wixen Music Publishing, Inc. and Spotify USA Inc. have agreed to a final dismissal of the lawsuit filed by Wixen Music Publishing late last year. The conclusion of that litigation is a part of a broader business partnership between the parties, which fairly and reasonably resolves the legal claims asserted by Wixen Music Publishing relating to past licensing of Wixen’s catalog and establishes a mutually-advantageous relationship for the future."
Wixen's president Randall Wixen went on to call Spotify "a huge part of the future of music," in the statement made Thursday.