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#CancelSpotify has led to a $4 billion loss in market value

Spotify lost $4 billion in market value this week after choosing to continue support for Joe Rogan’s podcast.

Last week, rock icon Neil Young called out the streaming service and threatened to remove his music if they didn’t ditch Joe Rogan’s podcast for spreading misinformation about COVID-19.

Spotify’s response was lacklustre, to say the least, announcing they wouldn’t remove a content creator as they have the right to freedom of speech and because Joe Rogan is one of many who talk absolute shit about COVID.

Neil Young
Credit: Gus Stewart/Getty Images

As a result, Neil Young stuck to his guns and removed his music from the platform and by the end of Friday, Spotify’s shares were down about 12% according to Nasdaq.

The hashtags #DeleteSpotify, #CancelSpotify, #ByeByeSpotify and #BoycottSpotify have gained traction and users and creators alike are giving Spotify the flick.

Since the ordeal, Spotify removed most of Neil Young’s music, chosing to side with Joe Rogan.

When it comes down to the business side of things, and let’s face it, it always does, Rogan’s podcast brings in 11 million listeners per episode while Young attracts roughly 6 million listeners per month.

Young has followed up on the matter with an open letter posted to his website on Friday: “I support free speech. I have never been in favor of censorship. Private companies have the right to choose what they profit from, just as I can choose not to have my music support a platform that disseminates harmful information,” 

“I am happy and proud to stand in solidarity with the front line health care worker who risk their lives every day to help others.”