Spotify Shares Jump 11% After Tweaking Platform Following Joe Rogan Backlash
January 31 2022 - 12:15PM
Dow Jones News
By Denny Jacob
Spotify Technology SA shares jumped 11% to $192.64 Monday after
the music streaming service published its content policy and
created a Covid-19 information hub in response to the ongoing
conflict between Neil Young and Joe Rogan.
Young's decision to pull his music from the platform last week
was in response to what he says is misinformation spread by
podcaster Joe Rogan. Rogan, who struck a deal with Spotify in 2020
worth more than $100 million, responded to Neil Young's objections
and pledged to be more balanced and informed about controversial
topics and guests in a late Sunday evening 10-minute Instagram
video post. As of Sunday, Spotify is beginning to tag Covid-19
related content with an advisory prompting users to check out the
service's new "hub for data-driven facts and up-to-date
information" from the health and scientific communities.
Spotify was raised from to buy from neutral by Citigroup, which
also announced a price target of $240 per share on Monday.
Shares of Spotify are down 42% over the last 12 months.
Write to Denny Jacob at denny.jacob@wsj.com
(END) Dow Jones Newswires
January 31, 2022 12:00 ET (17:00 GMT)
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