Spotify has seemingly suffered a huge loss after the recent controversy that sparked after Neil Young directed the platform to remove all of his songs due to their association with the long-tenured UFC commentator Joe Rogan. Neil Young was trolled for that move. Previously, Trevor Noah also reflected on the incident and Neil’s Spotify payments.
Cake opens up on Spotify
California-based band, Cake recently sent out a Tweet urging fans to dump Spotify. It sent out a Tweet saying Russian money was involved in paying Rogan: “LISTEN. Spotify was started with a direct financial investment from the Russian Mafia, via Putins Sillicon Valley henchmen Yuri Milner. Daniel Ek the CEO finally opened up the entire Russian market weeks before giving Rogan his $100mil deal. DO THE FKN MATH.”
— CAKE MUSIC (@CAKEMUSIC) January 29, 2022
It turns out that Spotify lost a whopping amount of $4 billion in market value this week after rock icon Neil Young called out the company for allowing Joe Rogan to use its service to spread misinformation about the vaccine on his popular podcast, “The Joe Rogan Experience.”
At the end of the day Friday, Jan. 28, shares of Spotify went down about 12% from where they closed last week, according to data from Nasdaq, against a broader index that was flat over the same period. The hashtags #DeleteSpotify and #CancelSpotify also gained traction on social media, with many websites offering step-by-step instructions for users to remove the app from their devices.
Spotify took down nearly all of Young’s music on Wednesday, Jan. 26, two days after the Rock & Roll Hall of Fame musician reportedly issued the streaming service an ultimatum via his management and record company: “They can have Rogan or Young. Not both.”
We will have to see how this story progresses in the coming days. Other names like Cake have threatened to dump Spotify in response.