The music industry could be set for an epochal moment



World's largest music streaming company Spotify was sued by Wixen Music Publishing Inc. Last week for allegedly using thousands of songs, including those of Tom Petty, Zach De La Rocha and Tom Morello of Rage Against the Machine, The Black Keys' Dan Auerbach, Steely Dan's Donald Fagen, Weezer's Rivers Cuomo, David Cassidy, Neil Young, Sonic Youth's Kim Gordon, Stevie Nicks, and many others, without a license and compensation to the music publisher.

Wixen, an exclusive licensee of songs such as "Free Fallin" by Tom Petty, "Light My Fire" by the Doors, "(Girl We Got a) Good Thing" by Weezer and works of singers such as Stevie Nicks, is seeking damages worth at least $1.6 billion along with injunctive relief.

Remember that last May, Spotify came to a proposed $43 million settlement to resolve a class action from songwriters led by David Lowery and Melissa Ferrick. Also, In July, Spotify was hit with two more lawsuits, including one from Bob Gaudio, a songwriter and founding member of the group Frankie Valli and the Four Seasons. Like Lowery and Ferrick.

Spotify, which is planning a stock market listing this year, has grown around 20 percent in value to at least $19 billion in the past few months.