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Homepage > News > Business > Limp Bizkit sues Universal Music for $200 million At the turn of the millennium, few rock bands were in the same league as Limp Bizkit. Yet, in revelations lawyers call “shocking,” Fred Durst and his former band claim they have “not seen a dime” in royalties all these years later. Durst and Limp Bizkit are suing Universal Music Group (NASDAQ: UMGNF) (UMG) for over $200 million, accusing it of a fraudulent policy designed to conceal royalties and withhold profits. The lawsuit seeks unpaid royalties, voiding the band’s contract with UMG, returning all its copyrights, and compensating for copyright infringement. According to Billboard, UMG claimed royalties had only been paid recently because Limp Bizkit’s upfront advances had yet to be recouped. The band’s representatives found this claim “highly suspect,” prompting an investigation which led to the lawsuit. The exploitation of artists is rife in the music business Over the decades, numerous high-profile disputes have occurred between music labels and artists. The Beatles, Prince, and Taylor Swift have all initiated lawsuits over rights to their master recordings and royalties, leading to expensive, high-profile cases highlighting how artists are often exploited by unscrupulous labels who stack the deck in their favor. While each case differs, they highlight the lack of transparency in the music business and how disputes over who owns what can occur because of smoke-and-mirrors contracts that favor record labels at everyone else’s expense. The technology to solve these problems exists today There’s no longer any need for these shady practices in the music business. Just as the music industry adapted to the internet and streaming by harnessing new technology, it can utilize another cutting-edge tech—blockchain—to create clear, unambiguous contracts where royalties are paid out in real-time. Firms like SmartLedger Solutions showcase how this can be done. Its Rare Generation digital rights management platform uses the…

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Filed under: News - @ October 16, 2024 1:24 pm