VK.com, a Russian social network that claims around 100 million unique monthly active users, has settled a legal battle with Warner Music Group (WMG) out of court.
Both parties have signed a confidential agreement that puts and end to any further legal action arising from the Resolution of the Court of Appeals on March 11, 2016.
VK.com says it will henceforth offer on its platform a variety of licensed and monetised music services from United Media Agency, a Russian music service provider. WMG will enable customers throughout the Russian marketplace to engage with WMG content through UMA’s own licensed offerings and various "approved platforms".
Boris Dobrodeev, CEO of VK, said his company "continues to move towards cooperation with record companies and other rights holders. This agreement is another important milestone in this direction, and both music fans and rights holders will benefit."
Alexander Blinov, CEO of Warner Music Russia, notes that the company believes there's huge potential to grow its business in the country, adding that agreements like the one just inked with VK.com represents "a significant step on the journey to a properly functioning market".