Spotify market value plunges $2bn in a week!

Spotify’s market value has plummeted by $2.1 billion in just one week amid controversy around the platform’s continued support of podcaster Joe Rogan. 

Joni Mitchell and Neil Young have removed their work from Spotify in protest against Rogan’s exclusive podcast citing misinformation on vaccinations and COVID. 

In response, the tech monster has promised to include the wording ‘content advisory’ to any podcasts mentioning COVID-19. 

Spotify CEO Daniel Ek has released a statement on the issue and lays out how the service will work out, outlining what action it will be taking. 

“This new effort to combat misinformation will roll out to countries around the world in the coming days. To our knowledge, this content advisory is the first of its kind by a major podcast platform.” 

The statement also sets out Spotify’s platform rules that include not publishing “content that promotes dangerous false or dangerous deceptive medical information that may cause offline harm or poses a direct threat to public health.” 

Examples of this are by asserting that COVID is a “hoax or not real” or “encouraging people to purposely get infected with COVID-19 in order to build immunity to it.” 

Joe Rogan’s podcast is one of the most popular on the platform, with a global reach in the millions.