One final update to the Bolt.com saga, where Bolt (along with Grouper), was sued by Universal for $150,000 per copyright infringement. The FT says that Universal agreed to drop the lawsuit for a $10 million settlement - eg. a third of the $30 million GoFish is reported to be paying for Bolt to get them out of the bind. UMG will now focus on its cases against Grouper and MySpace (see MySpace-Universal).
In related news, GoFish completed the purchase of Bolt.com on Wednesday, and Bolt is moving away from user generated content to become a content producer. GoFish is required to track copyrighted content and pay licensing fees for the use of that content - as a result, they're signing a deal with Audible Magic.
It's a sorry state of affairs that seems to have taken the sheen off the gung-ho video sharing market. Let's hope it doesn't make entrepreneurs more risk averse, or it could be a long time before the next YouTube comes on the scene.
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