Spotify has been in the limelight lately after artists like Neil Young, Joni Mitchell, and Nils Lofgren removed their music from the platform. This all started when Young issued Spotify an ultimatum last week after claiming that The Joe Rogan Experience podcast was "spreading fake information about vaccines — potentially causing death to those who believe this disinformation spread by them." Young said it was either him or Rogan that had to go, and considering Spotify paid Rogan somewhere in the realm of $100 million for the exclusive rights to the podcast in 2020, you can guess who stayed. Spotify lost several billion dollars in market valuation in the process, and after a week of headlines have finally publicly addressed the issue.
Spotify's action is threefold, according to their press release:
- Spotify is publishing their long-standing Platform Rules developed by their internal team "in concert with a number of outside experts." The rules have never been published for the public before.
- Spotify is adding 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, physicians, academics and public health authorities around the world, as well as links to trusted sources.
- Spotify 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.
Rogan has also issued a statement about the controversy, saying "I'm not trying to promote misinformation, I'm not trying to be controversial. I've never tried to do anything with this podcast other than just talk to people and have interesting conversations." He later added he will do his best "try to balance out these more controversial viewpoints with other people's perspectives, so we can maybe find a better point of view."
As of this morning, Spotify's stock is on the rise at roughly $193 (about $20 up from the previous close).
