6/12/2023 0 Comments Spotify music![]() ![]() "Universal Music Group’s innovative leadership has led to the renewed growth of the music ecosystem to the benefit of recording artists, songwriters and creators around the world," the statement reads. The claim has been rejected by UMG, who in a statement to MBW described the allegations that they accepted lower royalty rates in exchange for equity “patently false and absurd”. “Over time, the value of the Spotify stock that Universal improperly withheld from artists has ballooned to hundreds of millions of dollars,” it continued. The complaint also alleged: “Universal concealed from artists that it acquired Spotify stock and that royalty payments were depressed as a result. Read this next: How the #BrokenRecord campaign is fighting to fix the music industry They argue that due to a clause in their contracts with Universal, pertaining to “net receipts”, they and other artists have been underpaid by around $750 million (£630 million) and that they should have received half of UMG’s shares in Spotify, or half of the value of it. Universal Music Group (UMG) is being sued by hip hop duo Black Sheep, over its ownership of Spotify equity.įiling a class action lawsuit in New York last week (January 4), the two members of Black Sheep, Andres Titus and William McLean (AKA Dres and Mista Lawnge), allege that UMG agreed to lower royalty rates in 2008 from Spotify in exchange for shares, Music Business Worldwide reports. ![]()
0 Comments
Leave a Reply. |