Video sharing app Trillera US-based TikTok challenger, has settled a lawsuit by superstar producers Timbaland and Swizz Beatz for allegedly missing payments from their song fighting platform Verzuz.
The settlement is report via Diversity on Thursday. The financial terms of the deal were not disclosed, but the parties said the deal “will increase the percentage of ownership given to the artists that Timbaland and Swizz Beatz brought to Triller as part of the deal. initial agreement”.
“Verzuz and Triller will always be a safe place and outlet for creators and their artists. Nothing will change that… Nothing will change that. The creators started this work and will continue to build on it. This is a winning moment in the relationship between Triller and Verzuz as we move into the public markets together. Stay tuned,” Triller Executive Chairman and Co-Founder, Bobby Sarnevesht, is quoted by Diversity like saying.
The litigation regarding Triller’s acquisition of Timbaland and Swizz Beatz’s song battle for Verzuz in early 2021.
The duo debuted Verzuz on Instagram Live in March 2020 at the height of the COVID-19 lockdown. Then they signed a partnership with Apple Music in July of the same year before Triller offered to buy Verzuz in January 2021.
On August 15, Timbaland and Swizz Beatz (real names Timothy Mosley and Kaseem Daoud Dean) filed a lawsuit against Triller in a Los Angeles court, claiming that the latter missed one of the required payments on August 15. January after the end of the agreement a year earlier.
Lawsuit, Rolling Stone report at the time, it was alleged that Triller failed to make payments to Timbaland and Swizz Beatz in March 2021 and for the following 10 months.
Most recently, both sides are said to have reached a “friendly agreement” and pledged to “continue to bring to the music fans and communities they know and love the brand.”
“Verzuz has always been a platform for artists, for artists and for everyone,” Swizz Beatz and Timbaland said in a statement cited by Diversity.
Verzuz’s webcast has since hosted several rap battles including between R&B stars Mario and Omarion, singers Teddy Riley and Babyface, Erykah Badu and Jill Scott, Brandy and Monica, Gladys Knight and Patti LaBelle. Ludacris and Nelly, as well as Young Jeezy and Gucci Mane also organize battles through Verzuz.
Last year, Verzuz teamed up with the NFL for a 4-day event called ‘The NFL Pro Bowl Verzuz’, where NFL stars went head-to-head for 10 rounds, showing off highlights from and off their pitch from the 2020 season.
“Swizz Beatz and Timbaland remain proud of the foundation they created with Verzuz and its acquisition by Triller given the company’s willingness to celebrate and showcase artists,” according to a joint statement.
The Verzuz deal marks a sigh of relief for Triller after the company has faced a number of lawsuits at a time when it is seeking to become a publicly listed company.
Less than a month ago, the German consulting firm Phiture to sue Triller for unpaid services under their agreement signed in March 2021. The agreement includes a license to use Phiture’s optimized client software to improve the position of the Triller application on Google Play Store and AppleApp Store’s.
Phiture is claiming $132,686 in the lawsuit.
Almost a month ago, Sony Music Entertainment also submit a legal action against Triller in the United States for alleged illegal use Sony Music copyrighted sound recording on Triller platform.
In June, Triller canceled its planned IPO through consolidation with video adware provider SeaChange International and decided to do its own IPO instead. The company is targeting a listing in the third quarter of this year.
“Triller’s IPO will be the largest innovator IPO in history,” Mahi de Silva, Triller’s CEO, said in June.
Number of Triller Metallica and Snoop Dogg among its supporters.Worldwide music business
