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Bloomberg reported that Spotify spent less than 10% of its $100 million creator equity fund in its first year. The purpose of the foundation is to enhance the diversity of music and podcasts through the licensing, development and promotion of work by marginalized creators.
Last year, Spotify CEO Daniel Ek announced the creation of a fund.(opens in new tab) Following the controversy surrounding podcaster Joe Rogan, who signed an exclusive $200 million deal with the music streaming service. Logan used the n word(opens in new tab) and other racist language on his podcast Joe Rogan Experience It also spreads misinformation about COVID vaccines.Employees and musicians like Neil Young called on Spotify to cut ties with Logan, but instead they deleted dozens of episodes.(opens in new tab) committed $100 million to equity funds.
The $100 million number was symbolic, as Logan was rumored to receive $100 million from the platform.
Spotify is reportedly paying Joe Rogan $200 million, double the amount previously known
The funding was supposed to be distributed over three years, but a lack of organization and shifting priorities at the company have prevented that plan from materializing, people familiar with the matter told Bloomberg. do not have. According to an internal memo obtained by Bloomberg, the fund was still finalizing its budget for 2023 as of the beginning of the year and had not yet decided on priority projects.
However, a Spotify spokesperson told Bloomberg that more than $10 million was spent.they quoted GLOW(opens in new tab)an initiative supporting LGBTQ creators, and nail it(opens in new tab), as the road money was spent, a podcast hosted by three black women. Additionally, this week Spotify announced a partnership with her Spelman College.(opens in new tab)a historically black women’s college, offers scholarships to students interested in podcasting.
A spokesperson said in an emailed statement to Bloomberg: voices around the world. ”
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