Spotify removes streams of No. 1 song after suspicious Kalshi bets

Spotify has removed streams of the song "Earrings" by musician Malcolm Todd after discovering suspicious betting activity on the prediction market Kalshi. The track had unexpectedly surged to the top of Spotify's U.S. streaming chart, a move the company stated did not appear to originate from genuine listeners.

The Financial Times first reported that "Earrings" saw a 70% increase in streams overnight Sunday, propelling it to the number one position. Spotify, in a statement to CBS News, confirmed the removal of streams, emphasizing its robust detection systems for manipulated content and stating that associated royalties are not paid out.

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All streaming services face ever-changing stream manipulation. Spotify has best in class detection and mitigation practices for manipulated streams, and we don't pay out associated royalties.

A spokesperson for Kalshi confirmed the company is cooperating with Spotify and investigating the matter. This event intensifies existing concerns regarding the adequacy of safeguards on prediction markets, such as Kalshi and Polymarket, against manipulation and the exploitation of insider information. Critics have voiced worries that individuals with nonpublic knowledge or the ability to influence outcomes could unfairly profit from these platforms.

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We are in touch with Spotify and are investigating the matter.