Embassy of Spain evacuated in Moscow due to bomb scareWorld September 26, 14:21
Putin discusses Kurdish referendum with Erdogan, RouhaniRussian Politics & Diplomacy September 26, 14:03
Russia may create 'drone swarms' capable of making decisions in 5 yearsMilitary & Defense September 26, 14:01
Kremlin urges Facebook to honor Russian lawsBusiness & Economy September 26, 13:53
Russian army to get bulk of Terminator armored vehicles in 2018Military & Defense September 26, 13:33
Putin congratulates Merkel on German election resultRussian Politics & Diplomacy September 26, 13:08
Press review: Why the US closed its base in Syria and EU aid to Donbass resumesPress Review September 26, 13:00
Russian diplomat warns against weapons supplies to UkraineRussian Politics & Diplomacy September 26, 12:47
Russia has evidence terrorists used sarin in April attack on Khan Sheikhoun — diplomatRussian Politics & Diplomacy September 26, 12:24
MOSCOW, April 8. /TASS/. Russian social network VKontakte and Warner Music Group (WMG) have signed a confidential out-of-court agreement, according to the social network’s statement.
Both parties won’t continue their disputes in court following the ruling of the Arbitration court of appeal dated March 11, 2016.
Under that agreement, VKontakte will offer various music services with licensed content from the United Media Agency (UMA), which is Russian supplier of musical services.
WMG will offer Russian users a possibility to get access to WMG content though own licensed products of UMA and other authorized platforms.
"VKontakte continues to move towards the development of cooperation with record companies and other rights holders. This agreement is another milestone in this direction," the social network’s CEO Boris Dobrodeev said.
"We see huge potential for growth of our business in Russia, further investment in Russian artists, when artists and rights holders receive fair compensation These agreements mark a major step forward on the way to a properly functioning market," general director of Warner Music Russia Alexander Blinov said.
VKontakte has been litigating with music majors since 2014, when Sony Music Russia, Universal Music Russia and Warner Music UK filed three independent lawsuits to the St. Petersburg arbitration court against the social network. They demanded protection for their exclusive rights for music content and compensation for damage. The total amount of compensation claimed by three companies was 51 mln rubles ($759 mln).
VKontakte and Sony Music Russia reached a settlement agreement in July 2015 but did not disclose the conditions of the agreement.