Bad news for anyone who’s already bought a lorry-load of popcorn in anticipation of watching Verzuz founders Swizz Beatz and Timbaland face off against Triller in court. Their lawsuit against the social-media company has now been settled.
Triller acquired the buzzy music-livestreams brand in March 2021, but its founders sued the company in August this year alleging that it owed them more than $28m in promised payments. Triller hit back with a statement shortly after, claiming that Swizz Beatz and Timbaland had “failed to disclose both trademark and label issues” in their dealings with the company.
A high-profile court case airing all the dirty laundry would have been bad news for both sides, so this week’s settlement is the logical conclusion. Variety reported that it will “increase the ownership stake given to the artists that Timbaland and Swizz Beatz brought to Triller as part of the original deal”, but further details are not available.
“This is a victorious moment in the Triller and Verzuz relationship as we march together toward the public markets,” said Triller’s Bobby Sarnevesht. That’s a reference to Triller’s ambitions for an IPO this year, although a recent lawsuit from Sony Music may be the next impediment that needs clearing up ahead of that.
Tools: platforms to help you reach new audiences
Tools :: Wyng
Through Music Ally’s internal marketing campaign tracking, we’ve recently discovered an interesting website by the…