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Spotify asks Kalshi, Polymarket to remove branding after manipulated streams tapped to settle music bets: Bloomberg
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Spotify has asked prediction markets Kalshi and Polymarket to remove its logo and make clear that neither operates a partnership with the streaming service, after discovering manipulated streaming activity that affected song rankings used to settle prediction market bets.
Key facts
- The company removed more than 500,000 artificial streams that had pushed Malcolm Todd's "Earrings" into one of the most popular songs on its charts, Thursday
- Kalshi's odds of Todd finishing with June's top song sat below 3% before the suspicious streaming began, meaning traders who bought in at those prices stood to earn roughly 30 times their stakes
- Those inflated numbers had already been used to settle a Kalshi market pegged to the most-streamed Spotify song in the U.S. in June, which attracted $3 million in trading
- Caleb Davies, one of the more prominent traders betting on music charts, publicly criticized Kalshi after first calling out the suspicious activity
Summary
The company removed more than 500,000 artificial streams that had pushed Malcolm Todd's "Earrings" into one of the most popular songs on its charts, Thursday. Those inflated numbers had already been used to settle a Kalshi market pegged to the most-streamed Spotify song in the U.S. in June, which attracted $3 million in trading. Todd was declared one of the winners on figures published before Spotify finished its investigation, according to the report. Kalshi is reportedly investigating the matter.