Spotify Stock has fallen 25% so far in 2022

Spotify (SPOT) stock has lost nearly 25% of its value so far in 2022. What could be causing the drop? Some think the recent controversy with Neil Young might have something to do with it.

For those unaware of the controversy, singer-songwriter Young issued an ultimatum to Spotify: Delete podcaster Joe Rogan or lose him. In a letter since deleted from his website, Young explained that it was “because Spotify is spreading false information about vaccines – potentially causing the death of those who believe the misinformation.” In response, Spotify began removing Young’s music on Wednesday, January 26.

There are backing musicians on both sides. Disturbed’s David Draiman praised Spotify for “making the right decision” and for “preserving freedom of expression”. On the other hand, Sebastian Bach criticized artists who side with Rogan rather than Young, saying, “Imagine calling yourself a rocker while siding with some dude who has a podcast on Neil. young.”

Joni Mitchell is the latest to intervene in the controversy. The folk musician has pulled her catalog from the platform. “Irresponsible people are spreading lies that are costing people’s lives,” Mitchell says via his website. “I stand in solidarity with Neil Young and the global scientific and medical communities on this issue.” The hashtags #DeleteSpotify and #CancelSpotify have also started trending on Twitter.

According to Forbes, Spotify investors are concerned about the service’s ranking in controversy, especially if other artists follow in Young and Mitchell’s footsteps. Overall, this doesn’t look good for Spotify stock, which has already fallen 45% in value over the past year.

It should be noted that the stock market as a whole is down, with stocks “going from losses to gains” on Friday (January 28), according to Barrons.

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