Spotify produced a Creator Equity Fund in the hopes of promoting diversity across the streaming platform. However, they haven’t spent even half of it. They’ve used just under 10% of the fund within the first year.
The popular podcast the Joe Rogan Show has caused a lot of controversy. This came after it’s been said Joe himself has hosted multiple anti-vaxers on his show, who potentially spread incorrect information and could therefore misinform listeners. With podcasts becoming more and more popular with younger generations, it could be extremely damaging.
Ever since this outbreak of controversy, people have been concerned. Medical experts have been shunning Joe Rogan for the information he’s allowed to be spread across his platform. Spotify stepped in to try and help ease some tensions. Rather than pulling the popular show from their platform, they instead came up with an idea to help to represent diversity across the app.
Spotify brought in a Creator Equity Fund which sat at $100 million. However, within the first year, they have only spent 10% of the fund. The streaming platform have since said the fund was intended to be spread over a three-year period, which, if that’s the case, why haven’t they spent a third of it throughout the first year? The music company has declined to comment on this when asked by others in the industry.
They have however said that they’ve backed LGBT artists, and also the Nailing It podcast which is run by three black women. While this is a step in the right direction, it doesn’t show diversity. They could be funding so many more projects. If they want a real sense of diversity, they need more than a couple of creators, they really need to spread the money across widely. Spotify have a lot more money in the pot to share out.