Spotify loses market value of $2 billion due to Covid-19 misinformation
Streaming giant Spotify has had its market value slashed by over $2 billion in the last week, as controversy surrounds the platform for its continued support of one of its biggest podcasters, Joe Rogan.
‘The Joe Rogan Experience’ podcast has come under fire for providing false and misleading information regarding Covid-19 and the effectiveness of vaccines. Sparked by the public outcry, Spotify’s CEO Daniel Ek released a media statement explaining how the streaming company plans to resurrect this issue; it’s main points read below (or you can read the full statement here):
We are publishing our long-standing Platform Rules. These policies were developed by our internal team in concert with a number of outside experts and are updated regularly to reflect the changing safety landscape…we are working to add a content advisory to any podcast episode that includes a discussion about COVID-19. This advisory will direct listeners to our dedicated COVID-19 Hub, a resource that provides easy access to data-driven facts, up-to-date information as shared by scientists…we will also begin testing ways to highlight our Platform Rules in our creator and publisher tools to raise awareness around what’s acceptable and help creators understand their accountability for the content they post on our platform. This is in addition to the terms that creators and publishers agree to governing their use of our services.
Artists such as Joni Mitchell, Neil Young and Graham Nash have since removed their music from the platform in protest against Rogan and the misinformation featured in his podcasts.
Rogan has since shared a 10-minute video to his Instagram page, where he explains that he’s “interested in having interesting conversations with people that have differing opinions”; you can watch the whole video down below.
Losing such a large market value is tough enough, but this isn’t the first time that Spotify has come under scrutiny for misinformation on its platform; the Archewell Foundation, a nonprofit organisation founded by Prince Harry and Meghan Markle, have said in a recent media statement:
“Last April, our co-founders began expressing concerns to our partners at Spotify about the all too real consequences of COVID-19 misinformation on its platform. We have continued to express our concerns to Spotify to ensure changes to its platform are made to help address this public health crisis. We look to Spotify to meet this moment and are committed to continuing our work together as it does.”
Image credit: via Olhar Digital