Spotify branches into crypto space based on new job listing

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Audio streaming company Spotify posted a job listing for an Associate Director in their Payments Strategy & Innovation team on their Spotify Jobs website on December 3. The job description involves implementing the company’s payments strategy and leading their participation in the Libra stablecoin project and the cryptocurrency space.

The job description involves defining the payments strategy for Spotify’s consumers, creators and advertisers. Additionally, it specifies leading the company’s daily engagement with Diem, formerly known as Facebook’s Libra project.

The detailed job listing reveals more in-depth information about Spotify’s interest in adopting blockchain technology and cryptocurrencies including stablecoins and Central Bank Digital Currencies. ‘You will drive further consideration of new opportunities and innovation in the emerging ecosystem of distributed ledger technology, blockchains, cryptocurrencies, stablecoins, Central Bank Digital Currencies (CBDCs) and other digital assets.’

The key candidate will be tasked with keeping track of the latest developments in the blockchain and crypto sectors to determine which novel ideas can be implemented in their company.

The Sweden-based company aims to become a market leader in payments and requires the Associate Director position to utilize Spotify’s global reach in seeking out financial innovations and strategic initiatives.

Spotify’s interest in cryptocurrencies reveals the company’s plan to branch out into different payment methods to compensate their artists and enable new monetisation opportunities with their growing creator community.

Crypto-powered audio streaming service Audius recently distributed governance tokens AUDIO to its top 10,000 artists and fans as part of its reward system in October. Token holders receive voting rights based on the number of AUDIO tokens they have similar to a proof-of-stake protocol.

These can be used during a votation period where creators and listeners can vote on the code’s future improvements. Audius plans to incorporate blockchain technology to achieve transparency and reduce the need for intermediaries in the music industry.

Spotify’s growing engagement with the crypto ecosystem can be attributed to its competitor’s heavy involvement in the blockchain industry. Audius was launched in September 2019 while Spotify joined the now-rebranded Libra Association in June 2019.

The Sweden-based company stated the lack of easily accessible payment systems as a challenge they face in their newsroom announcement ‘Why We’re Joining the Libra Association’ published on June 18, 2019.

Chief Premium Business Officer Alex Norström sees Facebook’s crypto project as a solution. ‘In joining the Libra Association, there is an opportunity to better reach Spotify’s total addressable market, eliminate friction and enable payments in mass scale’.

The audio streaming company has been a part of the Libra Association since it was announced this June. It remained a part of the Association even after the Facebook-led cryptocurrency project faced scrutiny from regulators in the United States and those in Europe. It has now changed its name to Diem and rebranded as a compliant payment system.

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