On Monday, shares of the music and podcast streaming company Spotify Technology (NYSE:SPOT) jumped as much as 13.5% after actor, comedian, and podcast star, Joe Rogan, issued an apology of sorts on Instagram late Sunday night.
Recently, Spotify has made headlines after Neil Young announced his intention to remove his music from the platform unless Spotify took price asset Joe Rogan off the air.
Young has accused the Joe Rogan Experience host of spreading misinformation about COVID-19, especially about vaccines. Following his objections, Neil Young directed his fans to use Amazon Music's streaming services for his songs and pulled his music from Spotify.
NOW WHAT
Alongside Rogan's 10-minute video explanation on Monday, Spotify CEO Daniel Ek outlined plans to provide a content advisory to any episode that discusses COVID-19 and direct its users to public health sites for more information.
Rogan said he is open to changes to the show and doing more research on certain topics. "I'm not trying to promote misinformation and, I'm not trying to be controversial."
While the controversy might be in the news today, experts on the matter believe that it will pass relatively quickly. And, the fact that Neil Young no longer being on the platform will have an insignificant blow on Spotify's business.
Currently, Spotify is the world's most popular music subscription streaming service, capturing 31% of the market in the second quarter of 2021.
WHAT'S NEXT
Spotify is due to report fourth-quarter earnings Wednesday, 2 February, and thus indicate whether the ordeal impacted the actual business.
Looking at Spotify's monthly users during the quarter's display deems favorable. Unique Visitors (UVs) increased sequentially 20% to 374 million from 311 million while growing by 17% year-over-year.
In turn, Wall Street expects revenue to grow 22% year-over-year and paid subscribers to rise by 8 million.
To invest in Spotify stock visit MEXEM.
