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To Jose Martinez
new report from bloomberg Spotify claims less than 10% of the $100 million diversity fund it set up last year was used.
A source said the Creator Equity Fund bloombergreported 10%.
Notify Insider bloomberg A range of issues impacted the initiative in its first year, from the slow hiring process at the outset to the lack of structure needed to scrutinize and approve project pitches. It’s been said that they “suffer from a shift in priorities.”
“The Spotify Creator Equity Fund is dedicated to a variety of initiatives that help advance and support a comprehensive and diverse portfolio of artists and creators on our platform,” a Spotify spokesperson told Complex. . “By investing in programs like GLOW, Frequency, NextGen and AMPLIFIKA, we can empower and elevate minority voices around the world.”
Beyond the aforementioned programs, Spotify highlighted its involvement in many initiatives. For example, we sponsor a variety of black-inclusive events focused on empowering black artists from disadvantaged backgrounds in Brazil, including an educational event in Brazil known as AMPLIFIKA Day. Music Action Coalition (BMAC) Charity Dinner and Fam It Forward Awards Gala.
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