Some readers may be surprised to learn that the world’s largest streaming service is not Netflix or Amazon, but Spotify. That’s the word from Rolling Stone, which reports that just as Spotify was locking in plans this week to go public on the New York Stock Exchange, it has been hit with a $1.6 billion lawsuit from Wixen Music Publishing.
The company represents the work of such artists as Neil Young, Tom Petty, the Black Keys and Janis Joplin, Rolling Stone notes.
“The massive lawsuit — the latest in a string of legal actions Spotify has faced in the past year — seeks to remunerate songwriters and rights holders, under-compensated as the music industry shifts to streaming, before legislation is passed in Washington, D.C., that would hinder future reimbursement,” the report notes.
Click on the link above to Rolling Stone for details on the lawsuit, which the report says has the potential to change the future of streaming.