Joe Rogan Controversy Effect on Spotify Share Price
The controversy around Joe Rogan's podcast led to a surge in the share price of Spotify on Monday. The jump was up to 13 percent to $195. Losses were reversed as at one point this month the Spotify shares dropped 27 percent to $170 and it was a two-year low.
Lately, Spotify had made headlines for The Joe Rogan Experience support. KeyBanc analyst Justin Patterson suggested clients get some comfort in the fast-growing sales of Spotify through advertising and the lower projections of the streaming platform can be compensated.
It is true Rogan didn't create Spotify and similarly the platform didn't discover Rogan. However, their union seems paving the path of a closed podcasting ecosystem. The Joe Rogan Experience was made available on YouTube, podcast players and RSS feeds. Often his content bubbled. His content infringed policies and was removed from various platforms, but interested listeners can find him through RSS. Open RSS promises the podcasts can be heard even if one platform delists.
Hours after Spotify announced to tackle the misinformation, Rogan addressed the issue through a video posted on his Instagram account. He pledged had tried his best to ensure he had researched the topics and many had a distorted perception of what he said in the podcast.
Guests on the Joe Rogan Experience had shared Covid conspiracy theories in two podcast episodes and the opinions were different from that of the mainstream narrative.
The podcast reaches about 11 million listeners and the conversations of the controversy episode started just as having fun and talking. The comedian added that often he has no idea what to talk about until he talks to the people and he will do his best henceforth to balance things.
Rogan apologized to Spotify and thanked for being supporting him during the tough period. He expressed not being mad at musician Neil Young and said being a lifelong fan of him.
Musicians Neil Young and Joni Mitchell removed their music from the platform revealing their reactions against the podcast controversy. A couple of more celebs including guitarist Nils Lofgren followed the same. All musicians, music lovers and artists were called to stand with them and cut ties with Spotify.
American lecturer, researcher and writer Brene Brown paused her two podcasts until further notice.
Meanwhile, actor Dwayne Johnson showed his support for Rogan saying the stuff was great and perfectly articulated. Many expressed disappointment for the support and unfollowed the actor. Some called his action hypocrisy as he had earlier taken a different stance while supporting Joe Biden.
However, some of his fans supported him and one of them tweeted to be glad for Dwayne as he supported Rogan amidst the controversy. Another wrote he wish to see him on the podcast.