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(Credit: Freguesia de Estrela)

Music

Spotify loses over $2billion in market value amid Covid-19 misinformation dispute

@TomTaylorFO

Spotify has seen its market value tumble by over $2billion following the dispute that began with Neil Young leaving the platform over misinformation regarding Covid-19 espoused on their exclusive Joe Rogan Experience podcast.

Young was joined by fellow musicians Joni Mitchell and Nils Lofgren, thus, with fears of a mass exodus running high, the market value for the streaming giant came crashing down.

With disputes already underway regarding royalty payments, the share value of Spotify was already down by roughly 25% in 2022, however, in the days following Young’s damning statement, a further 6% was reported. 

In a statement, Nils Lofgren called for other musicians to join him in a mass exodus. he wrote: “We encourage all musicians, artists and music lovers everywhere, to stand with us all, and cut ties with Spotify. Music is our planet’s sacred weapon, uniting and healing billions of souls every day. Pick up your sword and start swinging.”

This was enough cause for concern for Spotify to quickly act on a more robust measure to tackle misinformation. The streaming service hopes to avoid censoring content, however, it has said that a warning message is soon to be introduced before applicable content. 

As of yet, this measure is yet to impact the current market value of the company as uncertainty regarding the situation still remains. Whether more artists will take the commercial hit and join the exodus or the message will be enough remains to be seen. 

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