Playlist.com Files for Bankruptcy
Posted on Oct 7, 2010 5:30pm PDT
The free music streaming service Playlist.com has filed for Chapter 11 bankruptcy as it is overwhelmed with royalty payments. The company reportedly owes more than $24 million just to major labels. The company recently settled a lawsuit with Universal and WMG, and has reportedly worked out licensing deals with some major labels. However, the company has experienced a loss after being banned from MySpace and Facebook.
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