Spotify loses more than $2 billion in market value following Joe Rogan controversy

[Leroy N. Soetoro]

https://www.nme.com/news/music/spotify-loses-more-than-2billion-in-market-
value-following-joe-rogan-controversy-3149868

Spotify has lost more than $2billion in market value after Neil Young
removed his music from the streaming giant to protest vaccine
misinformation being shared on Joe Rogan’s podcast.

Young announced he’d be pulling his music off the streaming service
earlier this week. He said Spotify was “spreading false information” about
COVID-19 vaccines by supporting anti-vax podcasts like The Joe Rogan
Experience.

“I am doing this because Spotify is spreading false information about
vaccines – potentially causing death to those who believe the
disinformation being spread by them,” wrote Young, adding, “They can have
Rogan or Young. Not both.”

As reported by Variety, Spotify shares dropped 6 per cent from January 26
to 28 after Young pulled his music from the platform. The streaming
service had already seen its stock prices drop since the start of 2022,
reporting a 25 per cent decrease in share value as of January 25.

A broader market upturn on Friday saw Spotify’s stocks recover slightly at
$172.98 per share, but that was before Joni Mitchell announced she’d also
be removing her music from the platform.

“Irresponsible people are spreading lies that are costing people their
lives,” she wrote. “I stand in solidarity with Neil Young and the global
scientific and medical communities on this issue.”

Others in the music industry have also weighed in on the debate, with
Catherine Mayer – the widow of Gang Of Four‘s Andy Gill – criticising
Spotify for platforming anti-vax sentiments. Rival streaming services
TIDAL and Apple Music also expressed support for Young, and took the
opportunity to promote his music on their platforms.

However, some backed Spotify for hosting Rogan’s show, including
Disturbed‘s frontman Dave Draiman, who applauded it for “not capitulating
to the mob”.

It’s not the first time Spotify has been criticised for Rogan’s content.
Earlier this month, 270 scientists wrote a letter to the platform over the
podcast host’s “dangerous” COVID-19 misinformation. They cited a December
episode of the show in which Rogan interviewed medical doctor Robert
Malone, who claimed Americans had been “hypnotised” into wearing masks and
getting vaccinated.



--
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