Nick Kholmsten Launches New Venture
Nick Kholmsten, the former head of the music department at Spotify, has announced his new venture: Phone, a company aimed at rewarding music fans for their support of artists.
Kholmsten revealed on LinkedIn that he will take on the role of general director at Belong, which he developed with a team he describes as “one of the most talented groups I have ever worked with.”
The company is reportedly in development for the past six months, with its headquarters located in New York.
Belong’s Mission and Vision
According to Belong‘s official channels, the company positions itself as “the first Challenger Bank focused on entertainment for GEN Z,” enhancing fan engagement through rewards and experiences. The platform is accessible at https://getbelong.app/.
Kholmsten emphasizes blending “Fintech, Fandom, and Entertainment,” with a mission to “provide fans the recognition, access, and rewards they have always deserved.”
The platform aims to promote early adoption and support, with Kholmsten asking, “What if fans could earn real rewards for being the first to share, stream, and support the artists and creators they love?”
While specific details on how the platform will operate remain scarce, the company fits into the expanding Superfan Economy in the music industry.
This superfan landscape includes Spotify, which plans to launch a Deluxe level this year called “Music Pro,” potentially offering access to “Superfan Clubs” and other perks for dedicated music listeners.
During his tenure at Spotify, Kholmsten oversaw the platform’s music strategy and content before departing in 2019.
Prior to this position, he served as the vice president of content at Spotify after the acquisition of Tunigo in 2013, where he founded a music search service.
As a bank focused on entertainment, Belong is poised to capitalize on the growing trend of direct artist-to-fan relationships in the music industry, especially targeted at Gen Z consumers.
Over the last decade, Challenger banks have gained prominence in the financial sector, offering digital banking alternatives to traditional institutions.
Companies like Revolut, Chime, and Monzo have drawn millions of customers by focusing on mobile interfaces, lowering fees, and providing specialized features for specific demographics and use cases.
The entry of Belong marks a significant intersection of the FinTech trend and the music industry, potentially offering banking services with additional perks for music fans.
This approach could open up new revenue opportunities for artists outside traditional streaming models, while offering financial institutions a new way to engage Gen Z consumers based on their entertainment preferences.
“We are not just launching a company; we are driving a paradigm shift,” stated Kholmsten in his announcement.
