Spotify Shuts Down ❌ Its Greenroom Creator Fund

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Spotify Shuts Down ❌ Its Greenroom Creator Fund

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Music streaming service platform Spotify has quietly closed down its Greenroom Creator Fund, a live audio app creator fund that was announced for creators last year, to much fanfare.

Spotify had promised creators that the creator fund would go live in 2022. But now, the company has sent emails to creators, saying it is shutting down the live audio app creator fund.

In an email, Spotify informed people who had registered to the fund that the program would not be moving forward. “We can find no evidence that the fund ever paid out any money,” the company said.

It further added, “We plan to shift toward other initiatives for live creators.” However, the company did not offer an explanation for the change in its plans.

The end of the creator fund comes as Spotify is making new attempts at its live audio offerings with new programs and by adding select live programs to the main Spotify app, rather than streaming live shows to the standalone live app.

Netflix Subscriber Base in red 🔻 For The First Time in Over 10 Years

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Netflix reported a loss of 200,000 subscribers globally in Q1 2022 as compared to Q4 2021 in its latest earnings call.

The company ended the first quarter with nearly 222 million subscribers, which still keeps it the largest streaming platform.

In a letter to shareholders, Netflix said “Our revenue has slowed considerably.” The company also said that the COVID-19 pandemic shadowed its loss as it witnessed significant growth in 2020, leading the team to believe that most of its slowing growth in 2021 was due to COVID-19’s pull forward. Netflix has also projected an even bigger loss of subscribers in the second quarter of 2022.

The streaming giant increased the prices of its subscriptions earlier in January this year, the first price hike in the last two years.

In an attempt to maintain customer loyalty, Netflix has invested heavily in producing original content. But the company reported a loss of nearly 600,000 customers across the U.S. and Canada, mainly due to changes in prices.

Additional reasons Netflix cited for the loss of subscribers include increased competition, as well as password sharing, which the company has said, will crack down on.

Cardano Records 400 New Projects And 100K New Wallets in a Month 🎊🎉

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Proof-of-stake blockchain platform Cardano (ADA) has recorded 400 new projects built on its network in a month, bringing the total to almost 900. The platform has seen 100,000 new wallets being created over the past month.

A Twitter post from Cardano creators Input Output (IOHK) says that there are nearly 900 projects in development on the network, meaning Cardano has added 400 new projects to its network in just over a month.

“As of today, nearly 900 projects are #BuildingOnCardano And this number goes up day by day. Keeping track of all the news from this incredible ecosystem is not easy & this is why every week we compile an ecosystem digest with highlights & updates,” read a tweet from IOHK.

Cardano is a public and decentralized proof-of-stake (PoS) blockchain that was created in 2017. The network underwent significant changes in September last year, which included the implementation of sensible contract capabilities, allowing the community to scale at a quicker rate than before and achieve rapid growth.

Demo Experience Platform Demostack Nabs $34 Million in Funding 💰

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Demostack, a demo experience platform that lets you accelerate revenue with better product storytelling, has raised $34 million in its Series B funding round.

The funding was led by Tiger Global Management with participation from Amiti Ventures, Bessemer Venture Partners, Operator Collective, GTMfund, and StepStone.

In addition, the round also saw participation from investors from previous rounds, as well as angel investors Leyla Seka of Ironclad, Ronni Zehavi of Hibob, and Eilon Reshef of Gong, to name a few.

Founded in 2020 by Aaron Bar Hakim, Gilad Avidan, and Jonathan Friedman, Demostack is the world’s first demo experience platform that helps SaaS revenue leaders create a high-fidelity demo of software products and customize it for each conversation in minutes.

This perfect product clone is used to craft a product story that resonates with each specific buyer.

With the fresh funds, Demostack will continue to invest in R&D, expand its global footprint, and increase sales and marketing across the U.S., Europe, the Middle East, and Africa.

Around the Web 🌐

Robinhood Acquires U.K. Cryptocurrency Firm Ziglu: Crypto-friendly stock trading app Robinhood has acquired UK-based cryptocurrency firm Ziglu, renewing its global expansion plans. Robinhood did not disclose the size of the deal, but the transaction will help Robinhood customers to buy and sell 11 cryptocurrencies as well as move and spend money abroad.


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