Spotify struggled during weeks trading: Why is that?

WAN CHAI, Hong Kong - Feb. 21, 2022 - PRLog -- The streaming service was also mired in a dispute over its largest podcast star Joe Rogan, who is increasingly accused of spreading disinformation about COVID-19 and its treatment, while the S&P 500 and the Dow Jones Industrial Average were also down for the week. Some individuals are calling for Spotify to restrict Rogan, including singer Neil Young, who gave the streaming service an ultimatum to either remove Rogan or stop playing his songs. Spotify has taken Young's music from the airwaves.

The newest controversy erupted after Rogan invited Dr. Robert Malone, who talked "mass formation psychosis," which is essentially a sort of mass hysteria in regard to COVID-19 and the show was quickly labelled as false. Young then sent a since deleted letter to his agency on his website, requesting that Spotify pick between his and Rogan's music. Young reportedly responded to Spotify, "I want you to let Spotify know immediately TODAY that I want all of my music off their platform. They can have Rogan or Young but not both," according to reports. Spotify cooperated with his request and took his songs out of the platform. It wasn't difficult to figure out who they would support. According to reports, Rogan draws 11 million viewers on every show, whereas Young only draws roughly 6 million viewers a month.

Spotify paid Rogan $100 million in 2020 to bring his brand to the streaming service, so it's doubtful the company would risk that investment, especially given the podcaster's large viewership. Rogan has grown into one of the most powerful and prominent voices in the industry and Spotify was well aware that issues could emerge from time to time. Nonetheless, the fact that many of the streamer's fortunes are also intimately intertwined with one high profile celebrity, this could pose as a danger to investors.

Despite this, podcasts are only growing in popularity and Spotify remains the worldwide audio leader with the biggest name in the business.

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