Spotify Introduces Fundraising for Artists
April 22 2020 - 10:39AM
Dow Jones News
By Anne Steele
Spotify Technology SA is introducing a new feature allowing
cash-strapped musicians to fundraise directly on their artist pages
on the streaming service.
Similar to how artists can select any piece of music to
highlight on their profile as an "Artist's Pick," they can now
highlight a fundraising destination--to benefit themselves, their
band, crew or charity of their choice.
Artists fundraising for themselves can choose to add a link to
Cash App, GoFundMe or PayPal.me. In addition, Cash App will donate
$1 million in $100 increments to artists who raise funds via the
app.
Though royalties from streaming services like Spotify--the No. 1
service by subscriptions--make up 80% of overall recorded music
revenue, an artist's cut often isn't enough to make a living.
Instead, musicians typically make most of their income on the road.
With touring put on hold likely though the end of the year, many
artists are looking for other ways to make up the difference.
Write to Anne Steele at anne.steele@wsj.com
(END) Dow Jones Newswires
April 22, 2020 10:24 ET (14:24 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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