and Ek will certainly be asked about the controversy.
Spotify reports quarterly earnings on Wed. The Joe Rogan Experience host said he was sorry the musicians left and at not “having more experts with differing opinions right after I have the controversial ones.”īacklash by or against artists or content, i.e Netflix with Cuties or Dave Chappelle, usually blows over without a lasting impact on company economics or shares. Neil Young and Joni Mitchell pulled their tunes off Spotify last week to protest what Young calls Rogan’s “vaccine misinformation.” CEO Daniel Ek said Spotify would add content warnings and disclaimers to the streaming service. The music streamers shares are way down from their 52-week high of $387, roiled recently by an artist backlash to its lucrative Joe Rogan podcast for the ex- Fear Factor host’s take on Covid-19 vaccines. Spotify Will Consider Price Hike After Apple, YouTube Moves, Says CEO Daniel EkĬiti upped Spotify to “buy” as well. Edward Jones also upgraded Netflix from “hold” to “buy.” He told CNBC that the current price, which has come down from a $52-week high of $700 in the fall, basically builds in zero subscriber growth. Then Citigroup analyst Jason Bazinet upgraded the stock to “buy” this morning.
Votes of confidence in the form of share purchases by Bill Ackman’s hedge fund Pershing Square and by founder and co-CEO Reed Hastings, who bought on the dip, helped the shares rally. Netflix shares were stomped after its fourth-quarter earnings, plunging over 20%. – defined by a dip of at last 10% – is up by 2.63%. The broader Nasdaq, which entered official “correction” territory in Jan. Spotify is up 12% at $193, Netflix by more than 10% at $493 and Roku nearly 7% (at $161). All have seen their shares pummeled, with Netflix in particular being hit by disappointing subscriber numbers last quarter and Spotify embroiled in a Joe Rogan controversy. Tech stocks and the beleaguered Nasdaq jumped today in a rally led by streamers Spotify, Netflix and Roku.
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