Image via Dado Ruvic/Reuters
According to a recent Bloomberg report, Spotify’s $100 million diversity fund, which it established last year, has only been utilized to the extent of less than 10%.
After Joe Rogan’s rumored $200 million deal with Spotify came under intense public scrutiny for allowing guests to appear on The Joe Rogan Experience and distribute false information about the pandemic and the Covid-19 vaccine, the Creator Equity Fund was established. Once a video emerged showing him using the N-word in several earlier episodes of his show, the backlash only intensified.
According to a sources, CreatorEquity Fund has used more than the 10% stated by Bloomberg.
Sources told Bloomberg that the effort has seen a wide range of problems in its first year of operation, from a delayed hiring procedure at the beginning to the absence of infrastructure required to review and approve idea presentations. Additionally, it is claimed that the fund “suffered from shifting priorities.”
In addition to the aforementioned initiatives, Spotify also emphasized its participation in a number of others. These included sponsoring events like the Femme It Forward Awards Gala and the Black Music Action Coalition (BMAC) Charity Dinner, as well as hosting an educational event in Brazil called AMPLIFIKA Day to support the advancement of Black artists from underprivileged backgrounds.