The world’s most popular music streaming service, Spotify, has long been a legend and a role model. But it is precisely today that Spotify is experiencing far from the best time of its existence.
Shares of Spotify plunged after renowned singer Neil Young ordered his work removed from the platform. The problems of the service did not end there – the boycott of Joe Rogan, who was accused of racism and spreading misinformation about vaccines that fight coronavirus, began.
Some time ago, Neil Young removed his catalog from Spotify because he didn’t want his work to be available on the platform that hosted Joe Rogan’s podcasts. The artist claimed that the podcasts were spreading misinformation about coronavirus vaccines. Spotify had to choose either Young or Rogan, and in the end they decided to remove Young. The position of the musician was supported by Spotify users – and in large numbers.
Spotify’s once-devoted free users and paying subscribers are leaving in droves. A whopping 19% of respondents have decided to cancel their subscriptions — or at least according to Spotify’s opinion poll, they have such a plan. All, of course, Joe Rogan and his podcasts. By the way, 54% of users said that they did not intend to close Spotify and were completely uninterested in all this drama, and 18.5% said they would cancel, but only after the music of their favorite artists was removed.
Neil Young was supported by other artists, although they did not dare to take such a radical step as removing their music from Spotify. However, the case became so high-profile that many users decided to delete their accounts on the platform. The whole situation has negatively impacted Spotify stock, which is at an all-time low. In the first three months of 2022, their prices fell by 27%. This is the lowest result in two years. The capitalization of the Swedish music streaming service fell by two billion dollars.
Spotify CEO Daniel Ek has issued a special statement clarifying that Spotify will combat misinformation related to COVID-19. To this end, the pandemic podcast will include a dedicated guide to information from trusted sources and research.
Spotify itself continues to publicly support Joe Rogan and his Joe Rogan Experience. However, on the other hand, 70 episodes of this show were removed, in which the host used, according to listeners, racist words and terminology.
But for now, Spotify continues to lose subscribers and free users because of Joe Rogan.