NEW YORK: Music streaming leader Spotify has agreed to set up a US$43.45mil (RM186.12mil) fund to settle a potentially costly pair of US copyright lawsuits from artistes, lawyers said. Spotify and other streaming services pay royalties both to performers and songwriters – who are often lesser known and, for older and more obscure songs, more difficult to identify. Under the settlement filing that needs to be approved by a federal judge in New York, Spotify would set up the US$43.45mil (RM186.12mil) fund to compensate songwriters for lack of licensing. Under the settlement, Spotify would work with other industry players including record labels to digitise copyright records for musical works before 1978, when US law in its current form took effect. Spotify has long mulled going public, likely by listing on the New York Stock Exchange.

Source: The Star May 30, 2017 03:45 UTC