In the wake of both Neil Young and Joni Mitchell leaving Spotify, the audio streaming platform’s stock has plummeted about 25%, Loudwire has reported.
Other outlets are reporting that “Spotify loses $4 billion in market value following Neil Young controversy.”
“The home of Neil Young. Listen to his entire catalog on Apple Music,” the streaming service Tweeted.
If that wasn’t all, rumors are beginning to swirl that other big-name artists are set to follow suit in Young and Mitchell’s footsteps. Makes sense. Many of the rockers today view both Young and Mitchell as heroes. And you listen to your heroes.
One band that may remove its catalog—though this is only speculative at this point—is the Foo Fighters.
The band was trending on Twitter on Saturday (January 29), and one Twitter user summed it up well, writing, “If Dave Grohl pulls Foo Fighters from Spotify, they are fucking _through._”
While conversations abound about Spotify’s morality, given its hosting of the popular Joe Rogan podcast, which garners about 11 million listens per episode, Spotify has more to worry about than that. For years, it seems artists, both big and small, have complained about the payment the platform offers its bands.
At first, being on Spotify seemed like a necessary evil. Something artists had to do to get their music heard. In fact, it’s something Grohl has commented on in the past, saying, “I want people to hear our music,” he added. “I don’t care if you pay $1 or f—ing $20 for it, just listen to the f—ing song.”
But with the news of Young and Mitchell and their departure, the tide may be turning.
In 2014, Taylor Swift pulled her music from Spotify, noting that music (of course) is art and art should be paid for and artists should be compensated. Though more recently Swift has brought her music back to the streaming platform.
Young similarly had pulled his music from Spotify in the past, but later relented.
Now, it would seem, there is no relenting. And if Foo Fighters, Swift, or other big names continue the trend, Spotify may look a lot different six months from now.
Even Tedros Adhanom Ghebreyesus, Director-General of the World Health Organization, is thanking Young, writing on Twitter: “.@NeilYoungNYA, thanks for standing up against misinformation and inaccuracies around #COVID19 vaccination. Public and private sector, in particular #socialmedia platforms, media, individuals – we all have a role to play to end this pandemic and infodemic.”
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