Amidst the recent controversy with legendary musician Neil Young, Spotify stock (SPOT) has dropped almost 25% so far in 2022.
For those out of the loop, Young recently gave Spotify the ultimatum of removing podcaster Joe Rogan’s show from the platform or to lose his music library. In a since deleted letter on his website, Young explained it was “because Spotify is spreading fake information about vaccines — potentially causing death to those who believe the disinformation.”
Spotify commenced in removing Neil Young’s music on Wednesday (January 26).
DISTURBED frontman David Draiman praised the music streaming service for “making the right call” and for “preserving free speech” while former SKID ROW singer Sebastian Bach got behind Neil, saying, “Imagine calling yourself a rocker yet siding with some dude who has a podcast over Neil Young.”
Joni Mitchell is now also involved, removing her catalog from the platform. “Irresponsible people are spreading lies that are costing people their lives,” Mitchell said. “I stand in solidarity with Neil Young and the global scientific and medical communities on this issue.”
Currently, the hashtags #DeleteSpotify and #CancelSpotify are trending on Twitter.
This has left Spotify’s investors somewhat worried about the service’s standings according to Forbes, with Spotify eying a potential bleak future with their stock already falling 45% in value in the past year.