Spotify Shuts Down Greenroom Creator Fund: Report

Spotify is reportedly shutting down Greenroom Creator Fund — its live audio app creator fund. The Swedish company had launched Greenroom in June last year as a competitor to Clubhouse. The creator fund was announced in tandem with the live audio app, with the intention of luring in creators through weekly payouts based on their performance. The applicants to the fund were informed via e-mail that the fund was being shut down. Spotify had rebranded Greenroom as Spotify Live just a few days ago.

According to The Verge, the streaming company mailed people who had registered to the fund saying that the programme would not be going forward. Spotify didn't offer any specific explanation for the change brought about in their plans.

At the time of writing, it is not clear whether the fund was ever officially launched or if anyone received payment through it. As spotted by Podnews, Spotify has said that the company plans to shift to other initiatives for live creators and that Spotify looks forward to releasing new monetisation offerings for live content creators in the future.

Spotify had launched the live audio app called Greenroom in June last year. This was the Swedish online music streaming giant's answer to the popular platform Clubhouse. Greenroom allowed users to join live discussions or to host their own. Spotify had launched Greenroom after acquiring Betty Labs, the company behind the popular sports-focused audio platform Locker Room.

The company re-branded Greenroom to Spotify Live earlier this month and announced a slew of new content by top artist. The company is doubling down on the format at a time when virtual events continue to attract audiences. Listeners can now tune into live programming and take part in live chats through the creator or artist's Spotify page. The company had said that the shows will be available in select markets.