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Digital Grooveshark Timeline
Investment man interested in buying Grooveshark, making it legit
By CMU Editorial | Published on Tuesday 31 July 2012
According to C-Net, Avi Faliks of a company called Spring Mountain Capital has approached Grooveshark about the possibility of acquiring the often controversial digital music company.
The tech site says Faliks has proposed buying the Grooveshark business and reinventing the service so that it is more like Spotify, ie only music provided by labels would be available, and users would not be able to upload their own music collections to the platform.
He would then hire music lawyer Gary Stiffelman to negotiate with the major labels that are currently suing Grooveshark, arguing that with the ‘user-upload’ element of the service removed, the majors may be willing to play ball, given the size of the firm’s userbase.
However, says C-Net, Faliks’ approaches have, so far, been rebuked by Grooveshark owner Escape Media, which is possibly in talks with another possible buyer, interested in the firm despite its various legal woes.
