social

How Many Members Has Spotify Lost?

At the beginning of 2022, the music world was shocked by the news about a significant reduction in the number of subscribers of the world’s most popular music streaming service, Spotify. Recall that at the end of 2021, the number of its monthly active listeners was approaching 400 million people worldwide, and almost half of them had a paid premium subscription. This made Spotify the number one platform in the world, and its music market share was about 36%.

Spotify has lost $2 billion in market value. This comes amid a boycott of the platform by artists Neil Young and Johnny Mitchell following the release of Joe Rogan’s podcast with a scientist critical of mass vaccination. Spotify shares have fallen nearly 10% since the conflict began.

In more than two years of the COVID-19 pandemic, the Spotify platform has only now decided to publish the rules for distributing content related to the virus. But this also happened due to a boycott of the service by musicians and a decrease in the value of the company’s shares. On January 28, 2022, they hit a low of $165.72 a piece. And the company’s valuation fell by $2 billion.

 How Many Members Has Spotify Lost

On December 31, 2021, the most popular Spotify podcast, The Joe Rogan Experience, was released on the platform. In the issue, comedian Joe Rogan spoke with the famous virologist Robert Malone, during which he expressed quite controversial messages. The episode was immediately criticized for spreading conspiracy theories.

It is worth noting that Malone himself is a fairly respected scientist with a large number of scientific papers published in well-known scientific journals. At one time he was one of the inventors of mRNA vaccines. However, recently he has been actively speaking out against vaccination and the politicization of the coronavirus epidemic. In particular, in this podcast with Rogan, he compared the US policy to combat COVID-19 with the policy of Nazi Germany.

Try it free

Following the episode’s release, musician Neil Young demanded that the platform remove either his albums or Rogan’s podcast due to the spread of misinformation.

Neil Young was supported by Canadian singer Johnny Mitchell and removed her music from the platform. Many other artists have also requested that their albums be taken down.

After a massive outrage, the company’s stock crept down and hit its low of $165.72 on January 28.

Spotify’s user stats claim that the Swedish music streaming service lost not only its position on the stock exchange, but also 19% of its active monthly users as a result of the scandal. The number of paid subscribers decreased proportionally. Spotify conducted a sociological survey among its users, the results of which were simply shocking. It turns out that another 18.5% of respondents are ready to cancel their subscription in the event of a repeat of such a scandal.

Try it free