Spotify was never going to drop Joe Rogan because his long form podcast is the strategic lynchpin for making Spotify profitable. Spotify's 6 year history shows it can't profit from music streaming alone, but that in order to achieve profitability, it needs to book advertising revenue, and THAT's what the podcasting content is for.
Spotify is scheduled to announce its Q4 results this Wednesday. In the interim, the musically and popularly irrelevant Neil Young, Joni Mitchell, and Nils Lofgren have cost Spotify billions in market value through their virtue signaling shenanigans. Kudos to the shrewd manipulators who pulled this charade off and managed to capitalize on the short term decline in Spotify market valuation.
Spotify's shares have subsequently dropped by 6% in just three days, from January 26 to January 28 (via Variety), following Young's protest. Spotify has not been having the greatest of times even before the loss this controversy caused. Its stock price had already dropped earlier this month, as the company reported a 25% fall in share value on January 25, a day before this all started.
Despite that, the popular streaming service stated that it had already removed over 20,000 podcast episodes related to the pandemic since its start.
rollingstone | Neil Young has sold 50 percent of the worldwide copyright and income interests in his 1,180 song catalogue to Hipgnosis Songs Fund Limited, the U.K. investment firm founded by manager-turned-investor Merck Mercuriadis. The move comes days after Hipgnosis, which has spent the last year snapping up music catalogs left and right, announced it had acquired 100% of Lindsey Buckingham’s publishings rights as well as Jimmy Iovine’s producing royalties.
blackstone | Blackstone and Hipgnosis Song Management launch $1 billion partnership to invest in songs, recorded music, music IP and royalties
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