Streaming giants Spotify are finding themselves in deep water amid the ongoing Joe Rogan controversy, as acclaimed musicians pull their entire catalog’s from the platform and the market value drops.
Spotify has long served as a home to millions of musicians but has also allowed podcasters to reach a wider audience. The Joe Rogan Experience is one such podcast to benefit and thrive immensely on the platform but is ultimately causing the platform to take a severe financial hit.
Now, it has been reported that Spotify is set to lose over $2 billion of revenue as a result of Rogan’s controversial podcast.
Neil Young and more pull music from Spotify
According to Variety, Spotify saw their “stock closed Thursday (Jan. 27) at a 19-month low of $171.32/share.” Musicians Neil Young and Joni Mitchell are atop of the growing list of artists pulling their back catalog from Spotify.
Young’s catalog removal, in particular, has played a vital part in Spotify’s value plummeting.
Over the course of three days, Spotify lost an estimated $2.1 billion in revenue. Neil Young penned an open letter to the platform and podcaster Joe Rogan, claiming that “Spotify has recently become a very damaging force via its public misinformation.”
Though the original letter has been deleted, Young proposed an ultimate to Spotify in regards to Rogan: “I want you to let Spotify know immediately TODAY that I want all my music off their platform.”
“They can have Rogan or Young. Not both” Young said in his conclusion. Since his entire library of music left Spotify, Young has been encouraging fans to make the leap to other streaming platforms such as Amazon Music and Apple Music.