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Ahead of going public, Spotify Chief Content Officer Stefan Blom announced today he’s leaving the company, Recode first reported.
Blom, who spent a little more than three years at the streaming music startup, was responsible for leading Spotify’s licensing deal renewals last year with Warner Music Group, Universal Music Group and Sony Music.
The timing of Blom’s departure is notable. In the past week, Spotify confidentially filed for a direct listing without an initial public offering, reached a milestone of 70 million paying subscribers and was hit with a $1.6 billion copyright infringement lawsuit from Wixen Music Publishing.
Wixen represents artists like Tom Petty, Missy Elliot, Stevie Nicks and Neil Young. The suit, filed December 29, alleges copyright infringement, specifically alleging Spotify is using thousands of its songs without a proper license. The lawsuit seeks at least $1.6 billion in damages and injunctive relief.
This suit comes following a proposed $43 million settlement involving music rights holders and Spotify in a class-action lawsuit, Ferrick v. Spotify. That suit, Wixen alleges, “does not adequately compensate Wixen or the songwriters it represents.”
Needless to say, investors have a lot to process. I’ve reached out to Spotify and will update this story if I hear back.
Featured Image: John Sciulli/Getty Images for Spotify
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