News

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.

Advertisement

The $100 million fund pledge is not even close to completion.

Spotify
Spotify is currently going through some Fund issues. Source: Adobe Stock.

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?

Spotify
What is the development with the streaming company’s Creator Fund? Source: Adobe Stock.

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. 

Learn the different gears and gadgets in which you can access Spotify

Are you a music lover who dreams of having the ultimate Spotify library? You’ve come to the right place!

In the link below, we’re diving into all the amazing ways that you can access your favorite streaming service. From headphones and speakers to phablets and laptops.

We’ll explain how each piece of gear enhances your listening experience so you can enjoy every beat from anywhere. Learn more about what could be your new go-to device for streaming!

raising subscription prices

Different gadgets in which you can access Spotify

If you’re a Spotify user, you know how important it is to have easy access to your library at all times. Check out below its latest additions!

Trending Topics

content

Who is the richest kid in the world: it may be surprising! 

Who is the richest kid in the world and how much money does this kid have? Read this content to see some of the wealthiest tiny humans.

Keep Reading
content

95th Academy Awards: where to watch and what to expect

The 95th Academy Awards takes place this Sunday and you won’t want to miss it! See how to catch the livestream of the event.

Keep Reading
content

What is life insurance, and what are the most common types?

Worried about financial security for your family? Find out what life insurance is and its most common types. Read on for more!

Keep Reading

You may also like

content

Top 10 most anticipated series premieres of 2023

Wondering what to watch in the coming year? Look no further! We've compiled a list of the top 10 most anticipated series premieres of 2023.

Keep Reading
content

Pre-approval Calculator: Determine your Eligibility for Loans!

Take the guesswork out of mortgage pre-approval. Explore how a pre-approval calculator can help you set realistic homebuying goals!

Keep Reading
content

The 16 Biggest Box Office Bombs of All Time

Here is a list of the biggest box office bombs over the years. These movies cost a lot to make and failed miserably at the box office.

Keep Reading