What you need to know
- Spotify is adding a fundraising feature to its app.
- Artists can raise money for themselves or causes they care about.
- The Cash App has also established a $1 million relief effort for artists.
In an effort to help artists fundraise for themselves and causes they care about, Spotify is launching a new feature called 'Artist Fundraising Pick'.
"Today, Spotify for Artists is launching a new feature: the Artist Fundraising Pick. Just like artists can select any piece of music to highlight on their profile as an Artist's Pick, they can now highlight a fundraising destination (in addition to their Artist's Pick)."
The company announced the new feature in a blog post on the company's website today. According to the press release, Spotify has secured partnerships with the Cash App, GoFundMe, and PayPal for the initiative.
"This feature enables artists who are interested in raising money to support themselves, their bands, or their crews, to get the word out to their fans on their Spotify artist profiles. We have a strong group of initial fundraising partners: Artists can choose to add a link to Cash App, GoFundMe, and PayPal.me."
The Cash App has apparently established a $1 million relief effort that will give $100 to artists who receive at least one contribution through Spotify. The fund is currently only available to artists in the United States and the United Kingdom, but anyone in the world can contribute to the artists.
"We're particularly excited about our partnership with Cash App, as they've generously established a $1 million relief effort for artists during these challenging times. Spotify for Artists users that submit their "$cashtag" username as their Artist Fundraising Pick — and secure at least one contribution of any size through Spotify — will receive an extra $100 in their account from Cash App, until a collective total of $1 million has been contributed. This effort is available to artists in the US & UK, but Spotify listeners located all over the world can still make contributions via Cash App."
For artists who don't necessarily need to raise money for themselves, Spotify is also allowing artists to route contributions to "verified organizations participating in the Spotify COVID-19 Music Relief project."
"We've also created the option for artists to fundraise for an initiative connected to helping those most impacted in the music industry. Artists can select any of the verified organizations participating in the Spotify COVID-19 Music Relief project."
Apple has also joined in on the relief effort for the music industry. Earlier this month, it was discovered that the company had created a $50 million Royalty Advance Fund to help independent labels and artists weather the crisis.