In less than a week, Spotify lost more than $4 billion in market value, after choosing to stick with Joe Rogan!
Spotify Backs Joe Rogan, Removes Neil Young
The whole Spotify-Joe Rogan debacle started on 25 January 2022, when Neil Young asked Spotify to remove his music, if they refuse to remove Joe Rogan’s podcasts.
Without even pretending to show some faux PR concern, Spotify backed their star act – Joe Rogan – and immediately from their platform the next day.
Spotify Lost Over $4 Billion (So Far) Over Joe Rogan!
Spotify was probably hoping that people will ignore the “rants of an ageing musician” and stick with “misinformation from an ageing reality show host”. Unfortunately, the customers and shareholders appear to disagree.
Right after Spotify removed Neil Young’s music from their platform, the hashtags #DeleteSpotify and #CancelSpotify started trending on social media.
By close of the market on Friday, 28 January 2022, Spotify share price was down 12%, wiping out about $4 billion of its market value.
As of Monday, 31 January 2022, Spotify shares are up 4.4% from Friday’s bottom price of $165.72, but its share price is expected to continue sliding with news of more artists and subscribers leaving…
- 27 January : Spotify shut its live customer service, after it was inundated with complaints and requests to cancel subscriptions.
- 27 January : Mia Farrow mocked Spotify for choosing “to keep creepy, dangerous liar Joe Rogan over Neil Young“.
- 27 January : WHO Director-General Dr. Tedros Ghebreyesus thanked Neil Young for “standing up against misinformation and inaccuracies around #COVID19 vaccination.“
- 28 January : Joni Mitchell asked Spotify to remove all of her music, in solidarity with Neil Young.
- 28 January : Daryl Hannah criticised Spotify for choosing to “make $$$ off disinformation that harms folks“.
- 28 January : Spotify started telling customers they cannot allow cancellations because their customer service system was overwhelmed with cancellation requests.
- 28 January : Perry Farrell tweeted that he planned to follow Neil Young.
- 29 January : James Blunt jokingly threatened to release new music on Spotify if they don’t remove Joe Rogan, while calling it #YouWereBeautiful
- 29 January : Crazy Horse guitarist, Nils Lofgren, also asked Spotify to remove his music.
- 29 January : Spotify podcaster Brené Brown announced that she “will not be releasing any podcasts until further notice“.
Should You Boycott Spotify For Supporting Joe Rogan?
In a follow-up post, Neil Young called Spotify the “home of life threatening COVID misinformation“, and a “damaging force” in the fight against lies and misinformation.
I agree with Neil, and point out that it took his gutsy move to bring this out into the open, and force Spotify’s hand – was it merely oversight, or an intentional choice?
Spotify made their choice, and it’s time for us to make ours.
Neil called on other artists and record companies to also remove their content, and stop supporting its “deadly misinformation about COVID“.
We should make the same choice too. Stop listening to Spotify. Cancel your subscription. Close your account.
Tell your friends about the day Spotify chose misinformation over the truth. Choose truth over lies.
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