Neil Young’s fight with Spotify refused to give into the rock legend’s ultimatum to drop Joe Rogan’s podcast from its platform over fake vaccine information.
As of Friday afternoon, shares of Spotify (NYSE: SPOT) had tumbled about 12% from where they closed last week. While the S&P 500 and the Dow Jones Industrial Average were also down for the week, the streaming service was also embroiled in a controversy over its biggest podcast star, Joe Rogan, who is increasingly accused of spreading misinformation about COVID-19 and its treatment. Spotify removed Young's songs from the air.
Amazon (NASDAQ: AMZN) is adding My Favorite Murder to its lineup of podcasts. The tech giant signed a deal for exclusive advertising and distribution rights for the popular podcast, one similar to the deal it made for SmartLess last summer. Amazon's been investing heavily in podcasts over the last 15 months, ever since it started hosting them on Amazon Music, taking on Spotify (NYSE: SPOT) for listeners' attention.