Spotify’s market value dropped more than $2 billion in the last few days after Neil Young pulled his music over Joe Rogan’s podcast. The shares have fallen around 12% since last week’s close.
Young said that Spotify had made Young’s songs unavailable on Wednesday and had asked him to remove them from the platform. “a very damaging force”In spreading misinformation about COVID. Young referred back to an open letter that was sent earlier this month by medical professionals and urging Spotify to stop spreading misinformation about COVID. “The Joe Rogan Experience” podcast.
”They can have Rogan or Young. Not both,“ the music legend wrote in a now-deleted letter that was provided to Rolling Stone.
“I am doing this because Spotify is spreading fake information about vaccines – potentially causing death to those who believe the disinformation being spread by them,” Young wrote. “Please act on this immediately today and keep me informed of the time schedule.”
Spotify shares fell around 6% on Wednesday. While much of the market has been down in the last week, Spotify’s losses were more significant due to the criticism over Rogan’s show and Young’s move.
It is not the first time that critics have taken aim at this film. “The Joe Rogan Experience”For its controversial views of politics and news, especially in light of the pandemic. The podcast was sold to Apple in September 2020. $100 MillionIt was then made an exclusive Spotify playlist later in the year.
Spotify was contacted by more than 260 science and health professionals to demand that they take steps against the abuses earlier in the month. “mass-information events”On its app, Rogan was singled out for his repeated misleading and false claims regarding his show. The show promoted the use ivermectin for COVID treatment and discouraged young people from vaccinating.
And it’s also not the first time Young has stripped the streamer of his music. 2019He spoke to Rolling Stonethat he had removed most of his music from Spotify several years earlier because he felt the sound quality wasn’t good, but he later relented.
Peter Frampton showed his support of Young’s decision Thursday, tweeting, “Good for you Neil. I’ve always been an Apple guy for streaming. No Joe Rogan for me thank you! @neilyoung@SpotifyUSA.”Joni Mitchell released a statement Friday on her behalf WebsiteIn protest, she will also pull her Spotify music. “stand in solidarity”Neil Young
“I’ve decided to remove all my music from Spotify. Irresponsible people are spreading lies that are costing people their lives,”Mitchell stated.