Spotify has lost more than $2.1 billion in market capitalization, following the Joe Rogan controversy, after Neil Young pulled his songs from the streaming platform for its coronavirus related fallacies. This fall was seen in just three days. Shares fell by 6 percent from January 26 to January 28. On January 27, the service reached its lowest value of $171.32 per share.
In the same time period, the tech-heavy Nasdaq index rose by 1.7 percent while the Dow Jones Index saw a rise of 1.1 percent. Netflix, which had plunged low after its January 20 earnings report, also saw a recovery of 4.9 percent. However, Spotify stock reached its lowest on January 27, in 19 months, after Neil Young left Spotify.
On Friday, Spotify shares recovered a little as there was a market upturn and the stock value stood at $172.98 per share. However, this market price was before Joni Mitchell announced that she would also leave Spotify.
Investors are closely watching the proceedings to see if other artists would also leave the streaming platform, following Neil Young and Joni Mitchell. Earlier doctors and other professionals had also slammed Spotify for spreading misinformation about COVID-19 and vaccines. Dr. Anthony Fauci had also asked the host to refrain from spreading misinformation on vaccines and the coroner through his popular podcast.
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A number of customers of the streaming service have also canceled their subscriptions and the following hashtags are trending: CancelSpotify, DeleteSpotify and ByeSpotify.
Neil Young asked Spotify to choose between him and Joe Rogan. Spotify chose to keep Rogan and removed Neil Young’s catalog, on Wednesday. Another Canadian singer Joni Mitchell also asked the streaming service to remover her catalog, on Friday, in solidarity with Neil Young and frontline health workers.
The Joe Rogan Experience (JRE) on Spotify is known for disseminating false information on various issues, the latest being on COVID-19 infections and vaccines. It is streamed exclusively on Spotify and host Rogan signed a $100 million deal with Spotify, according to the Wall Street Journal.
Image Credit Joe Rogan Facebook
