Spotify currently dealing with Creator Equity Fund issues
After much controversy surrounding Spotify in 2022, the streaming company created a series of projects to try and compensate, but now news have broken that the company is dealing with Fund problems.
The $100 million fund pledge is not even close to completion.
In 2022, Spotify and podcast host Joe Rogan were front and center of some real internet backlash.
The “Joe Rogan Experience” host was heavily criticized for his inflammatory remarks. And also for spreading a series of conspiracy theories while on air.
The controversy grew even further last year when Rogan interviewed Robert Malone. Malone is a well known vaccine skeptic and was banned from Twitter after spreading misinformation.
Malone claimed on Rogan’s podcast that vaccines don’t work, a claim that goes directly against the universal medical consensus.
As an act of protest, Joni Mitchell and Neil Young pulled their catalog from the streaming service.
India.Arie also made a post on social media compiling several situations in which Rogan used racial slurs.
Because of all the controversy surrounding Rogan’s podcast, Spotify formed a Safety Advisory Council. The idea is to provide expert advice on issues like online extremism, disinformation, and hate speech.
Daniel Ek, the CEO of Spotify, created the COVID Hub. It gives easy access to the latest information from scientists and data-driven facts about vaccines. The Hub offers professional opinion by academics, public health officials, and physicians with links to trusted sources.
In addition to that, Spotify also created the “Creator Equity Fund” and set to pledge over $100 million for developing, licensing and marketing of music and other audio content from marginalized groups.
So what happened to the Spotify Creator Equity Fund?
Last week it came to light that up until now, Spotify spent less than 10% of its Creator Equity Fund on that segment. According to Bloomberg, the reason behind that fact seems to be Spotify’s corporate bureaucracy.
Apparently, the initiative is behind schedule and needs to hire an eight-person staff to take charge of the project. The project is also behind because it had suffered from shifting priorities.
According to an internal memo from Spotify, the Creator Equity Fund still hasn’t completed its 2023 budget. And is yet to prioritize any projects.
Bloomberg reported that another fund created by Spotify with the intention of promoting diversity in podcasts was severely impacted by recent layoffs.
The fund – which was set to distribute funds in the spam of three years – lacked a well-structured system for approving new projects and allocating the money.
When asked to comment, Spotify pointed to a couple of its programs such as “Glow”, which highlights music from LGBTQ performers. Plus, a podcast hosted by three Black women called “Nailing It”.
The streaming company also sent out a statement saying the Spotify Creator Equity Fund helps to elevate and support a variety of initiatives. It provides an inclusive and diverse portfolio of creators and performers on the streaming platform.
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About the author / Aline Barbosa
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