No matter how hard you try and deny it, we’ve all downloaded something from LimeWire and some point in our lives and why not, it was one of the most popular P2P file sharing programs till last year, when it shut down due to a court order. The tussle between Warner Music Group and LimeWire finally resulted in a settlement in which LimeWire had to cough up $103 million as part of compensation for all the big music labels. The company handed over a $12 million cheque to Warner Music Group last quarter while the rest of the music labels still await their share of compensation.
Damn and blast! (Image credit: Getty Images)
If you think about it, Warner Music and some of the other labels previously stated that LimeWire was responsible for more than $1 billion worth of damages and as per Warner’s operations, this payout amounts to just 1.7 percent of the label's quarterly revenue. AllthingsD also reported that Warner Music actually saw a rise in revenues from digital sales in the last quarter but somehow managed to suffer a $47 million loss. The fact that the file sharing company was able to gather this large sum points to the fact that they were making a tidy profit from their software but whether they’ll be able to pay off the rest of the settlement remains to be seen.
Published Date: Aug 06, 2011 12:13 pm | Updated Date: Aug 06, 2011 12:13 pm