Spotify shares fall after Joe Rogan’s podcast briefly not accessible

FILE PHOTO: A smartphone is seen in front of a screen projection of Spotify logo, in this picture illustration
FILE PHOTO: A smartphone is seen in front of a screen projection of Spotify logo, in this picture illustration taken April 1, 2018. REUTERS/Dado Ruvic/Illustration/File Photo

February 18, 2022

(Reuters) – Spotify Technology’s shares fell 5% on Friday after Joe Rogan’s podcast was briefly not accessible on the company’s streaming platform.

The podcast can now be accessed and Spotify did not immediately respond to a request for comment.

The company has been under fire after Rogan, who signed a $100-million deal with Spotify in 2020, aired controversial COVID-19 views on his show and drew protests from artists Neil Young, Joni Mitchell and India Arie.

Spotify’s Chief Content Officer Dawn Ostroff told advertisers at a conference last week that the backlash around Rogan’s podcast had been a “real learning experience” for the streaming service.

The company’s shares, which have fallen about 59% since hitting a record high nearly a year ago, were trading at $151.16 on the New York Stock Exchange.

(Reporting by Akash Sriram in Bengaluru; Editing by Shounak Dasgupta)

View original article here Source