Spotify has raised $100 million from Digital Sky Technologies, Kleiner Perkins and Accel Partners at a $1 billion valuation in advance of its takeover of America. (That’s half Pandora’s valuation in its IPO.) The streaming music service is all the rage overseas, where it has a million paid subscribers (and here too, where some hackers have figured out loopholes to get around its barriers) but has struggled to secure licensing deals with U.S. labels and it took them six months to raise their funding, AllThingsD reports.
Beg Borrow and Steal
Finally, the poor, defrauded victims of copyright infringement will be able to make some of their lost money back.
Unfortunately for musicians, many of whom are literally poor, the record companies are going to get the lions share.
One week into a federal grand jury trial, Michael Gorton, LimeWire’s founder, agreed to pay the Recording Read More
Dearly departed New York peer-to-peer filesharing start-up Limewire is close to a settlement with the Recording Industry Association of America, CNET reports, on track to “reimburse” that body for “damages” based on the premise that songs downloaded through the service represented potential sales. “Founder Mark Gorton said he saw most of his biggest competitors cease operating or try to legitimize their services after the U.S. Supreme Court ruled against file-sharing operations like Limewire’s. He conceded that he chose to continue operating despite the court’s decision and the RIAA has shown that he pocketed profits as a result,” Greg Sandoval writes.
New York’s LimeWire was housed in a gorgeous Soho office at the time the company gave up the ghost in December after too many run-ins with music labels and the law.
The former LimeWire space was sunny with dark wood floors, and whoever decorated it had excellent taste in furniture. Lucky for Read More