Update: According to Spotify CEO Daniel Elf, Joe Rogan is deleting old episodes himself after “conservations” with Spotify executives about certain content.
Stocks in social media and streaming companies have been diving for weeks. Partly due to current market trends, but the fact is that many of these companies are unprofitable, and there is no guarantee that new competitors won’t replace them in the future. Major social media companies have already disappeared overnight, with MySpace being the biggest example.
Spotify has a multi-year contract with Joe Rogan, reportedly costing the platform over $100 million. Since they first signed Joe Rogan, the left-wing outrage mob and many of Spotify’s own employees have been agitating against the company. They have now begun censoring past episodes of the Rogan show on their platform.
Spotify has lost over half its value since February of 2021. No, it has nothing to do with the Neil Young boycott. Spotify is an unprofitable company, and there was nothing to justify its valuation.
In 2021, Spotify took in total revenue of almost ten billion dollars. A 20% increase over 2020. However, they still lost money. They have posted a financial loss for the past nine quarters in a row. In February of 2021, their stock went on a crazy run to almost $400 a share. Spotify had a market cap of over $70 Billion at its peak. Now the stock is down to $174 with a market cap of $33 Billion.