The company set out that description in a statement responding to a second copyright lawsuit filed by Universal Music Group and Sony Music Entertainment.
US copyright law sets damages for willful infringement at up to USD $150,000 per work. At that ceiling, the 60,202 recordings would carry a theoretical maximum of just over $9 billion.
Apollo-managed funds and affiliates have acquired what Apollo describes as a "noncontrolling interest" in a subsidiary of BMG that holds the legacy Concord asset-backed securities, backed by a catalog of over 1 million songs
UMG and ElevenLabs announced a licensing agreement, which will see the latter build a fan platform for remixes, mashups, and "new track interpretations."