Spotify CEO Daniel Ek believes Facebook’s recently announced Libra coin could be used to pay music artists directly in the future.
Upon its release, it was revealed that multiple mainstream behemoths from various industries have already signed up to be involved, including the popular music streaming platform Spotify.
Some other notable companies involved in the project include Mastercard, PayPal, Visa, Booking Holidays, Lyft, Uber Technologies, Coinbase, Andreesen Horowitz, and eBay.
During a recent interview for Spotify’s ‘Culture: Now Streaming‘ podcast, the CEO of the platform – Daniel Ek – alluded to the possibility of paying music artists directly using the Libra coin.
He said: “The most important thing is it [Libra] will enable paying for things digitally in many of the places around the world where those kind of methods just doesn’t exist. A service like Spotify, you can imagine what would happen by allowing users, for instance, to be able to pay artists directly.
“That can open up massive opportunities where all of a sudden a user in Japan might pay a creator in Argentina. And that opens up huge opportunities for how we can further our mission.”
It is interesting to see the Spotify CEO suggest this is a possibility since it opens drastically new avenues for the platform going forward.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.