Spotify predicted 2022’s begin can be rockier than Wall Road hoped, however CEO Daniel Ek stated that has nothing to do with a swell of objections to .
It is “too early to know what the impression could also be,” Ek stated Wednesday throughout a name with Wall Road analysts to debate the corporate’s newest monetary outcomes. He added that when the corporate has confronted controversies prior to now, the results have been “measured in months, not days.”
“However I be ok with the place we’re,” he stated.
mark on the finish of final yr, the corporate reported earlier Wednesday, a benchmark underscoring its dominance of streaming music worldwide. However the milestone got here three weeks earlier than hashtags like #CancelSpotify began trending, sparked by artists’ protests over COVID misinformation on The Joe Rogan Expertise. Rogan’s is the most well-liked podcast on Spotify and a keystone to the corporate’s wider technique of changing into the world’s vacation spot for all audio, past simply music.
Final week, singer-songwriter Neil Younger reignited a debate in regards to the service’s position in moderating the messages promoted on its service, as he pulled his music from Spotify over objections to COVID-19 vaccine misinformation on The Joe Rogan Expertise. Younger’s boycott got here after a whole lot of medical professions pointed to Rogan as they . People icon Saturday.
Ek responded to the controversy, saying Spotify will not act as a censor, however it is going to be extra clear. It will now publish its policies on dangerous content and other rules, in addition to including a content material advisory with hyperlinks to an informational hub to any podcast episode that discusses COVID-19. Wednesday, Ek characterised the strikes as “fairly dramatic steps.”
The content-advisory discover is “being rolled out proper now, as we’re talking,” Ek stated Wednesday. “No different audio platform has carried out this.”
With buyers unsettled by the corporate’s sober progress outlook, Spotify’s inventory tanked. Shares have been down 11% at $171 in latest after-hours buying and selling. Spotify’s inventory could have additionally been caught up in a wider tech-industry sell-off, a domino impact of Fb-owner Meta’s inventory cratering due to its personal bleak monetary report.
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