Nick Holmstén, former Global Head of Music at Spotify, has announced his new venture: Belong, a company that aims to reward music fans for their support of artists.
Holmstén revealed on LinkedIn that he will serve as CEO of Belong, which he has co-founded with a team he describes as “some of the most talented people I’ve ever worked with.”
The company has reportedly been in development for six months, and is headquartered in New York.
According to Belong’s official channels, the company describes itself as “the first entertainment-focused challenger bank for Gen Z, redefining fan engagement through rewards and experiences.” The platform can be found at https://getbelong.app/.
Holmstén positions Belong at “the intersection of fintech, fandom, and entertainment” with a mission to “give fans the recognition, access, and rewards they’ve always deserved”.
The platform appears to focus on incentivizing early adoption and support, with Holmstén asking: “What if fans could earn real rewards for being the first to share, stream, and support the artists, creators, and moments they love?”
While specific details about how the platform will function remain limited, the venture enters a growing “superfan economy” landscape in the music industry.
That superfan landscape includes Spotify itself: SPOT is planning to launch a “deluxe” tier this year – known as ‘Music Pro’ – that could include access to “superfan clubs” and/or other perks for more committed music listeners.
During his tenure at Spotify, Holmstén oversaw the platform’s music strategy and content operations before departing the company in 2019.
Prior to that role, he served as VP of Content at Spotify following the firm’s acquisition of Tunigo, a music discovery service he founded, in 2013.
As a challenger bank focused on entertainment, Belong appears positioned to capitalize on the growing focus on direct artist-to-fan relationships in the music industry, specifically targeting Gen Z consumers.
Challenger banks have risen to prominence in the financial sector over the past decade, offering digital-first banking alternatives to traditional institutions.
Companies like Revolut, Chime, and Monzo have attracted millions of customers by focusing on mobile-friendly interfaces, reduced fees, and specialized features for specific demographics or use cases.
Belong’s entry marks a notable intersection between this fintech trend and the music industry, potentially offering banking services with added benefits for music fans.
This approach could create new revenue opportunities for artists outside traditional streaming models, while giving financial institutions a novel way to connect with Gen Z consumers through their entertainment preferences.
“We’re not just launching a company. We’re sparking a paradigm shift,” Holmstén stated in his announcement.
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