Spotify Job Ads Hint At Move Towards Web 3.0

By Phil Stafford March 19, 2022 In Blockchain, Crypto News, NFTs

News that Spotify is looking to hire staff with Web3 expertise suggests the music streaming behemoth is preparing to defend its turf against blockchain music startups such as Royal, Catalog and Sound.XYZ, all three of which intend to sell music directly to fans as NFTs.

In two job vacancies posted online, Spotify is seeking a senior backend engineer who will “facilitate collaboration with product, insights, and design to uncover the next growth opportunity leveraging new technologies like Web3”, as well as a senior manager to form part of its Innovation and Market Intelligence team. Candidates for the latter position require “expert familiarity with emerging trends”, specifically Web3.

Musicians have increasingly looked to NFT technology as a way to boost their income from selling music, complaining that the streaming subscription model of services such as Spotify has lowered their earnings compared to potential sales of digital files as proposed by the blockchain music startups.

Spotify a ‘Business Model for Ants’

The NFT startups argue that Spotify’s system is a “business model for ants”. Musicians could earn way more, they suggest, by selling works directly to fans as NFTs.

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Startup Sound.XYZ intends to sell music directly to fans as NFTs. Source: Sound.XYZ

Another reason Spotify appears to be expediting its Web3 plans is that YouTube confirmed its Web3 intentions in February, citing the technology’s “incredible potential” for content creators through the use of blockchain technology and NFTs.

Just this week, Meta CEO Mark Zuckerberg confirmed NFTs were coming to Instagram. Zuckerberg did not commit to a specific date but said users would “hopefully” be able to mint NFTs in the next few months.

Phil Stafford
Author

Phil Stafford

Phil is a long-standing Australian journalist with specialised experience in business, finance, travel and popular culture.

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