Why We’re Joining the Libra Association
Spotify has always focused on innovation that fosters greater accessibility. Since day one, we’ve worked to create a platform where fans can directly access the audio they want—at any time, anywhere, and at the right price—while also offering economic viability for creators.
This fundamental focus is why we believe in joining the Libra Association. Launching today, the independent, not-for-profit organization was founded to create a simple global currency and financial infrastructure that will empower billions of people. Called Libra, this reserve-backed currency, once created, will enable everyone, everywhere to send, spend, and save their money through a financial ecosystem powered by secure blockchain technology.
Libra offers massive opportunity for simple, convenient, and safe payment over the internet (particularly for the 1.7 billion adults worldwide without access to mobile money, a bank account, or a payment card). We’ve seen this directly in many of the developing markets where we operate.
As Alex Norström, our Chief Premium Business Officer, further explains:
“One challenge for Spotify and its users around the world has been the lack of easily accessible payment systems – especially for those in financially underserved markets. This creates an enormous barrier to the bonds we work to foster between creators and their fans. 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.”
With a simple, global currency and financial infrastructure, the Libra Association will offer the opportunity to empower billions of people, making a truly lasting impact for both individuals and businesses alike.
Interested in learning more? Visit Libra.org for information about the Association, its Network, and currency.