Sources told Bloomberg that hiring was slow to start, and that since then the initiative has “suffered from shifting priorities.” One year in, Bloomberg News’ sources said that clear structures remain missing to vet and approve various pitched projects the report cites an internal memo indicating that this year’s priorities remain undetermined, and a 2023 budget is still not final.Ī representative for Spotify told The Daily Beast that while the company does not offer specific spending figures, the Spotify Creator Equity Fund has spent more than $10 million to date. Last January, 270 physicians and scientists sent Spotify an open letter calling for a misinformation policy thanks to Rogan’s comments about the COVID-19 pandemic one of them called him a “ menace to public health.”īloomberg News reports that one year into the diversity fund’s existence, less than 10 percent of the money has been spent. The megawatt podcaster’s transphobic on-air comments made some employees uncomfortable, and as Bloomberg notes, a video began circulating in which Rogan used the “N”-word multiple times. The figure of $100 million was meant to be symbolic, as Rogan was rumored to receive $100 million from the platform - but later, it was revealed Rogan is actually paid double that.Do we all remember that time when Spotify created a $100 million diversity fund to make up for paying Joe Rogan? According to new reporting from Bloomberg, the money has barely been touched.Įarly last year, Spotify was in hot water over its deal with Rogan. Employees and musicians like Neil Young called on Spotify to cut ties with Rogan, but instead, they removed dozens of episodes (opens in a new tab) and committed $100 million to the equity fund. Rogan has used the n-word (opens in a new tab) and other racist language on his podcast The Joe Rogan Experience and has spread misinformation regarding COVID vaccines as well. Last year, Spotify CEO Daniel Ek announced the creation of the fund (opens in a new tab) following controversy surrounding podcaster Joe Rogan, who has a $200 million exclusive deal with the music streaming service. The fund's purpose is to bolster diversity in music and podcasts through licensing, developing, and promoting work by marginalized creators.
Spotify has spent less than 10 percent of its $100 million Creator Equity Fund in its first year, Bloomberg reported.
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