Spotify to Raise $20 Million for Coronavirus Relief

Financial Markets Wall Street Spotify IPO, New York, USA - 03 Apr 2018 A trading post sports the Spotify logo on the floor of the New York Stock Exchange, . Spotify, the No. 1 music streaming service which has drawn comparisons to Netflix, is about to find out how it plays on the stock market in an unusual IPO 3 Apr 2018 Image ID: 9489998b Featured in: Financial Markets Wall Street Spotify IPO, New York, USA - 03 Apr 2018 Photo Credit: Richard Drew/AP/Shutterstock
Richard Drew/AP/Shutterstock

The music streaming platform Spotify announced today that it’s setting up two new initiatives to help support the creative communities impacted by the coronavirus pandemic.

The initiatives include donations to relief funds like MusiCares, PRS Foundation, and Help Musicians, as well as a match of donations made through Spotify’s website—up to a total of $10 million, according to Variety. Along with the two initiatives, Spotify has also announced a developing plan that will help the service connect artists with fans to allow them to “fundraise directly” from their audiences.

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“Since the onset of the COVID-19 pandemic, Spotify has engaged partners across the industry to discuss how we can support artists and the creative community who have been deeply impacted by the effects of the virus,” the post from the company says. “Though streaming continues to play a key role in connecting creators with their fans, numerous other sources of revenue have been interrupted or stopped altogether by this crisis. “Today we launched the Spotify COVID-19 Music Relief project, which recommends verified organizations that offer financial relief to those in the music community most in need around the world.”

Spotify has also joined with other major music and web platforms like SiriusXM-Pandora, Tidal, Amazon Music, Facebook, and YouTube Music, to donate to the COVID-19 Relief Fund, which was created through the Recording Academy’s charitable foundation MusiCares.

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