Producers Swizz Beatz and Timbaland are reportedly considering legal action against Triller for over half a million dollars in attorney fees stemming from prior litigation against the video-sharing social networking service, which was founded in 2015.
The Grammy Award-winning musicians allege that Triller failed to uphold the agreed-upon terms of the settlement of their lawsuit against the company over missing payments to the duo after buying after buying their competition show “Verzuz” for $28 million.
“Verzuz” exploded on the scene in 2020, during the pandemic, when the two would set up virtual catalog battles on Instagram between artists and producers. Quickly it became a hit, with millions of people logging in to capture musical wars and bet on their favorite songs.
The experiment was so successful that larger media companies like Apple Music sought to acquire it as an asset, promising its creators a lucrative pot and the audience a better experience.
Enter Triller
This partnership with Triller was formed in 2021 and was not just for streaming rights but also provided other 43 “Verzuz” artists and entertainer influencers equity shares for their content.
Swizz Beatz and Timbaland negotiated to join Triller’s management team and become significant shareholders. They would also contribute to the company’s music and overall strategies.
However, after one season, the deal soured due to alleged breaches of contract over missing claims of missing payments. In August 2022, the Grammy-winning beatmakers filed a lawsuit against Triller for breach of contract. The following month the two parties settled the suit.
Still, the Saga is Not Over
According to AllHipHip.com, Swizz Beatz and Timbaland are pursuing additional payments totaling $565,000 in attorney’s fees from Triller through a judge’s order.
The outlet claims court documents reveal that, as part of the settlement, Triller was obligated to make an initial payment of $100,000. However, it failed to fulfill this commitment, resulting in a default.
Swizz Beatz and Timbaland now claim they are entitled to a judgment of $565,000, plus 9 percent interest per annum from Feb. 16.
The two have been successful in building their businesses. Winning is just what they have been used to doing.
Swizz Beatz, holding an executive certificate from Harvard Business School, boasts a net worth estimated between $150 million and $170 million, primarily from his diverse music and lifestyle ventures.
Meanwhile, Timbaland’s estimated net worth of $85 million is largely derived from his extensive publishing catalog, underlining his significant achievements in the industry.
