Jul. 3 at 1:47 AM
Spotify has asked prediction market operators Kalshi and Polymarket to remove its logo and clarify that neither company is affiliated with the streaming platform after detecting manipulation tied to music-chart betting, according to Bloomberg.
Spotify said it identified and removed more than 500,000 artificial streams that temporarily pushed Malcolm Todd’s song "Earrings" near the top of its U.S. charts. The inflated streaming figures had already been used to settle a Kalshi prediction market on Spotify’s most-streamed U.S. song in June, a contract that generated about
$3 million in trading volume.
The company contacted both platforms after uncovering the activity. Kalshi said it is investigating the matter, while Polymarket did not immediately respond. Prominent trader Caleb Davies criticized Kalshi’s handling of the issue, saying he lost about
$4,500 after the suspicious streaming activity altered the market outcome.
$SPOT