Friday, January 12, 2018

Live Nation, Songkick Settle Lawsuit For $110 Million | hypebot

Songkick_logoLive Nation and its Ticketmaster subsidiary have agreed to pay a reported $110 million for the remaining assets of Songkick,  ending a longstanding lawsuit between the two companies. Last year, Warner Music Group acquired the Songkick name and portion of the technology dedicated to concert discovery.

Live Nation has now acquired the remaining Songkick assets, which include a ticketing commerce platform, anti-scalping algorithm, API applications and patent portfolio. The two companies also have agreed to a settlement resolving litigation that was scheduled to go to trial later this month. Dave Brooks of Billboard and Amplify Media tweeted that the settlement included a payment of $110 million.

Songkick had raised funding of $60.8 million in six rounds.  With today's Live Nation payout plus an undisclosed sum from WMG, Songkick investors are likely left whole, despite the messy ending.

"We are pleased that we were able to resolve this dispute and avoid protracted and costly legal proceedings, while also acquiring valuable assets," said Joe Berchtold, President of Live Nation.

"We are glad to have resolved this litigation and thank all the employees, artists and industry partners who contributed so much to our many successes over the last decade," said Matt Jones, Chief Executive Officer of Songkick parent company CERG.


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