Todd Spangler NY Digital EditorSpotify’s market capitalization fell about $2.1 billion over a three-day span this week, coming after folk rocker Neil Young yanked his songs from the audio-streaming giant to protest Joe Rogan’s misinformation-spreading podcast.Shares of Spotify fell 6% from Jan.
26-28. That came after Young announced Wednesday that he was demanding the company drop his music, writing that “Spotify has recently become a very damaging force via its public misinformation and lies about COVID.” He didn’t cite Rogan by name, but referred to an open letter from doctors and health professionals issued earlier this month calling on Spotify to crack down on coronavirus-related falsehoods on “The Joe Rogan Experience.” To be sure, Spotify’s stock price was already on the slide — having plummeted 25% year-to-date as of Jan.
25, the day before Young’s catalog was pulled off Spotify. Investors have been rattled by signals that Spotify’s growth may be slowing, particularly after Netflix’s warning of a significant cooldown in first quarter subscriber net adds (which precipitated a 24% drop in its share price).Also, it’s worth noting is that Spotify’s stock rebounded slightly Friday, closing up 1% to $172.98/share, amid a broader market upturn.
However, that came before Joni Mitchell announced that she, too, would be removing her music from Spotify. “Irresponsible people are spreading lies that are costing people their lives.
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