Peloton admitted in its IPO filing that music licensing is one of its biggest risks.
The National Music Publisher’s Association first sued the online exercise company for copyright infringement in March and requested $150 million in damages, claiming that Peloton used more than 1,000 songs without a proper license in its streamed workouts.
“Since filing this lawsuit we have now discovered more than double the number of songs for which the plaintiffs’ songwriters were never paid by Peloton,” NMPA President and CEO David Israelite said in a statement to Forbes. “The fact that Peloton has gone this long without proper music licenses is astounding.”
The new claims come as Peloton gears up for its initial public offering. Last week it set a target share price of $26 to $29, and revealed it wants to raise more than $1 billion by selling at least 40 million shares.
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