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Spotify’s management has spent just 10% of its $100m (£81.75m) budget on a new fund to promote music and audio content by members of ‘historically marginalized groups’.
The Creator Equity Fund was launched last year following the controversy surrounding Joe Rogan’s exclusive Spotify podcast. Joe Rogan Experience, Due to the use of the N-word and the misinformation of the COVID-19 vaccine.
However, over a year later, bloomberg found the initiative to be a slow start. It turns out Spotify took months to recruit staff and deal with “shifting priorities,” Bloomberg also said earlier this year that they were still finalizing the fund’s budget, I got a memo stating that they are sorting out priority projects.
A project manager was appointed and a team came together to pitch, create the show, and help with marketing, but the initiative lacked sufficient structure in terms of project execution and funding.
“The Spotify Creator Equity Fund is dedicated to a range of initiatives that help advance and support a comprehensive and diverse portfolio of artists and creators on our platform,” a Spotify spokesperson said in a statement. increase. “We can empower and elevate underrepresented voices around the world.”
Many outlets point out that Creator Equity Fund’s budget was the same as Rogan’s deal with Spotify (others estimate his deal was worth twice as much). but).
Spotify CEO Daniel Ek also didn’t say when the initiative was announced, only describing it as an “incremental investment.” A Spotify spokesperson claimed the system worked, but said his fund was designed to last “several years” rather than a set period of time.
“We seriously question this company’s commitment to fund this commission and, by extension, the value it represents,” said a union member of Spotify’s True Crime podcast network Percast. employees are bloomberg.
Following last year’s Logan controversy, Neil Young, Joni Mitchell, Graham Nash, Nils Lofgren and others pulled their catalogs from their streaming platforms as a means of protest.
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