(Reuters) – Online music streaming service Grooveshark, admitting “very serious mistakes,” shut down its operations as part of a settlement with major record labels, joining the ranks of several now-defunct peers sued over copyright infringement. In a message posted to its website on Thursday, Grooveshark said that “despite (the) best of intentions, we made very serious mistakes. We failed to secure licenses from rights holders for the vast amount of music on the service.” The settlement ends a four-year legal battle and came as Grooveshark’s parent company, Escape Media Group, was facing hundreds of millions of dollars in damages in a trial set to begin in federal court in Manhattan on May 4. Grooveshark will wipe clean all of the record companies’ copyrighted works and hand over ownership of its website, mobile apps and intellectual property, including patents and copyrights, the company said.
Source: Yahoo Music
Link: Music streaming service Grooveshark shuts down to settle infringement