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Spotify's market value drops by $2B amid Neil Young, Joe Rogan controversy

Spotify Lifestyle
Spotify Lifestyle (Image credit: Chris Wedel/Android Central)

What you need to know

  • Spotify lost more than $2 billion in market value after Neil Young pulled his music from the streaming platform.
  • The Canadian-American singer took his songs off Spotify in protest of Joe Rogan's podcast.
  • Rogan has been accused of spreading misinformation about COVID-19 and vaccines via his podcast.

Spotify's market value has slipped by $2.1 billion over the Joe Rogan controversy. Canadian-American singer Neil Young removed his music from the streaming giant a few days ago, accusing Spotify of supporting Rogan in spreading false information about vaccines.

According to a report by Variety, Spotify shares dropped 6% in just three days, from January 26 to 28, following Young's protest. Canadian singer Joni Mitchell has also thrown her weight behind Young and had her songs removed from one of the best music streaming services as well.

Prior to the boycott, an open letter to Spotify signed by 270 doctors and professors was published in December, urging the platform to moderate its content. The letter cited an episode of The Joe Rogan Experience in which medical doctor Robert Malone promoted an upcoming anti-vaccine rally and claimed that the public had been "hypnotized" into getting vaccinated.

The scientists wrote:

By allowing the propagation of false and societally harmful assertions, Spotify is enabling its hosted media to damage public trust in scientific research and sow doubt in the credibility of data-driven guidance offered by medical professionals.

Before Spotify's most recent loss, its stock price had already dropped earlier this month, with the company reporting a 25% fall in share value as of January 25. That was the day before Young's songs were removed from Spotify.

The streaming service said then (via BBC) that it had already "removed over 20,000 podcast episodes related to Covid since the start of the pandemic." However, Rogan's podcast is still available on the platform.

If you're also one of those who want to leave Spotify over the Joe Rogan controversy, you might want to switch to other music streaming platforms like YouTube Music. Android Central's Ara Wagoner offers a compelling reason to do so.

Jay Bonggolto always keeps a nose for news. He has been writing about consumer tech and apps for as long as he can remember, and he has used a variety of Android phones since falling in love with Jelly Bean. Send him a direct message via Twitter or LinkedIn.

24 Comments
  • The whole market was down last week. Did you see how much money Netflix lost?
  • I agree with you that the article is a bit of clickbait. In those 3 days, Spotify dropped 6%, and in the same 3 days, Netflix went up 2%. Not arguing either way, but just answering your question.
  • $2 billion dollars? Sweet Caroline! Wait, that's Neil Diamond... Which one's Neil Young again?
  • market cap/value means nothing regarding profit/loss. market value drops? spotify loses zero cash from it.
    market value goes up? spotify gains zero cash from it. it's all paper 'value', like the value of your home.
  • Oh man... Come on. Don't politicize our android central. Straight up click bate. Especially since he doesn't even own or have the ability to pull his songs. Music is still there...
  • This is incorrect and has already been covered and proven. Spotify was already on a downward slope (the whole market was) and as a matter of fact, the Spotify increased I believe 2% when the announcement happened. Neil young had nothing to do with that $2b
  • Wow.
    I know you're bloggers and not journalists, but it isn't that tough to see the finance journalists talking about the dip wasn't Spotify specific. Connecting it to the "controversy" is either click bait thirsting or genuinely not having an editor on staff.
  • Not it didn't. This is wrong.
  • This website is such trash anymore.
  • Yoo hoo hoo
  • Fake news as they say.
  • This whole "value drops by $2B amid Neil Young" is liberal spin on an already declining market and value.
    Even this article acknowledges the stock had already been losing value before this.
    The entire market is crap. Funny how the liberal mob comes out to spin things and lie in order to influence peoples opinions.
  • 1. In what world is scientific fact a "liberal viewpoint"?
    2. Vaccines work, there's no denying that. Where's your degree in epidemiology?
    3. If you can't handle that people are spending their money they want, I suggest you get a thicker skin. If I don't like that Spotify gives Joe Rogan a platform, I have every right to take my money away from them.
  • "Vaccines work". LOL. Everyone vaxxed and non-vaxxed get and spread Covid. Vaccines now no longer stop Covid 19 like lazy Joe used to claim, they just make you feel less worse than without it. Just like the flu shots do.
  • Vaccines keep trumptarded people like you from dying stupid. Nobody says it would prevent you from catching covid. Hope to see you soon in Sorryantivaxxers.com.
  • Sleepy Joe and his minions all claimed many times getting the shot WOULD prevent you from getting the Covid AND would stop people from spreading it. One of his many false quotes: "People vaccinated for COVID-19 “do not spread the disease to anyone else.” Another classic Joe quote: "But, again, one last thing. We don’t talk enough to you about this, I don’t think. One last thing that’s really important is, we’re not in the position where we think that any virus, including the Delta virus, which is much more transmissible and more deadly in terms of unvaccinated people, the — the various shots that people are getting now cover that. You’re OK. You’re not going to — you’re not going to get COVID if you have these vaccinations." Sorry, but you failed, try again later.
  • Shame on you AC for peddling such crap.
  • Good. Spotify is garbage.
  • "Prior to the boycott, an open letter to Spotify signed by 270 doctors and professors was published in December, urging the platform to moderate its content."
    A: 270 doctors and "professors"? Professors of what?
    B: 270 doctors and professors is a drop in the bucket of the total in the US alone.
    C: Nobody cares about Neil Young
    D: Joe Rogan has better ratings that CNN
    E: Nobody cares about Joni Mitchell
    F: When have the people pushing censorship and silencing of dissent ever been the good guys? Open dialogue and allowing everyone to have a voice are the right way to move forward. Silencing those you don't agree with, and forcing your choice on others will do nothing but create more pushback and hatred. Just look at the trucking situation in Canada. if you can find it.
    Full disclosure: I have had the vaccine, and I fully believe any adult should get it. However, I do not believe any person should be FORCED or COERCED to get it, and I will not allow my children to be forced into it.
  • Then you better not go to the ER when you are seriously ill or injured. You will be treated by “professionals” that practice medical science, the same “professional” you don’t trust. Better learn to self medicate yourself and read the Bible for a cure.
  • Apparently you read slower than the rate at which you are triggered.
  • I would give YouTube music and Apple Music a try if they offer a free-tier with commercials.
  • Never encourage an antivaxxers to get the shot. They read the Bible for medical advice and consult with Dr. QAnon on Facebook for a remedy. Nobody will miss these Covidiots when they perish. The irony is these fools are all pro-life.
  • You're embarrassing yourself.