Spotify has reportedly only spent 10% of its $100 million diversity fund
Spotify had previously indicated that the $100 million fund was meant to be used over a three year period.
Credit: TT News Agency/Alamy
Get MusicTech breaking news as it happens by following us on Telegram: https://t.me/MusicTechOfficial
Spotify has spent less than 10% of its Creator Equity Fund that was established in the wake of the controversy around the Joe Rogan Show podcast.
- READ MORE: Nicolás Jaar and The Weeknd reach settlement with musicians in copyright infringement case
Bloomberg reported that the fund, which was established to promote diversity in the streaming platform’s music and podcast offerings, had only had a small portion spent in its first year. The early months following the establishing of the fund were marred by a slow hiring process and changing priorities, the outlet reported.
The fund’s 2023 budget has also not been finalised. Spotify had previously indicated that the $100 million fund was meant to be used over a three year period.
A Spotify representative contacted by the outlet declined to comment but backed a number of initiatives that have been started by the fund in its first year, including the Glow initiative to spotlight LGBT artists, and the Nailing It podcast, which is run by three black women.
Traffic to the cancellation page for Spotify Premium nearly tripled in the weeks following the controversy over the podcast hosted by popular personality Joe Rogan after a group of doctors, scientists, and experts published an open letter slamming Rogan’s decision to host prominent anti-vax voices.
The letter also pointed out Rogan’s personal comments on vaccines and pandemic-era health policies, which included “misleading and false claims”, such as promoting off-label use of the drug ivermectin, calling mRNA vaccines “gene therapy”, and discouraging young people from getting vaccinations.
Rogan was criticised by prominent figures in music such as Neil Young and Joni Mitchell, who pulled their music from Spotify.
Get the latest news, reviews and tutorials to your inbox.Subscribe