Spotify responds to the Joe Rogan fiasco
FT News Briefing
Forhecz Topher
4.4 • 1.2K Ratings
🗓️ 3 February 2022
⏱️ 11 minutes
🧾️ Download transcript
Summary
Spotify delivered a weak outlook for first-quarter subscriber growth, investors are putting more pressure on the European Central Bank to raise interest rates, and Argentina has been plunged into a fresh crisis after a crucial political figure resigned over the country’s outline debt deal with the International Monetary Fund
Mentioned in this podcast:
Spotify warns it’s ‘too early’ to calculate impact of Joe Rogan row
Eurozone inflation hits record 5.1% in January
Resignation of Peronist leader triggers crisis over Argentina’s $44.5bn IMF deal
The FT News Briefing is produced by Fiona Symon and Marc Filippino. The show’s editor is Jess Smith. Additional help by Peter Barber and Gavin Kallmann. The show’s theme song is by Metaphor Music. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley.
Read a transcript of this episode on FT.com
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Transcript
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| 0:00.0 | The FT News Briefing is supported by Equinole, the UK's energy partner. |
| 0:06.3 | Learn more at equinole.co.uk. |
| 0:09.9 | Good morning from the Financial Times. |
| 0:11.5 | Today is Thursday, February 3rd, and this is your FT News Briefing. |
| 0:18.4 | The European Central Bank meets today with record inflation adding pressure on it to raise |
| 0:23.1 | rates sooner, and Argentina's debt to the International Monetary Fund is creating new political |
| 0:28.3 | turmoil. But first, if the backlash against Joe Rogan wasn't enough of a headache for Spotify, |
| 0:34.2 | the music streaming company stockpriced tanked after yesterday's earnings report. |
| 0:48.7 | Recently, several high-profile musicians announced they were pulling their music off Spotify. |
| 0:55.8 | They include artists like Neil Young and India Ari who have been protesting Spotify's |
| 1:00.3 | blockbuster podcast, The Joe Rogan Experience, the accuset of spreading COVID misinformation. |
| 1:06.4 | Rogan has apologized and Spotify has taken steps to contain the fallout. |
| 1:10.4 | But is it really over? To talk more about it, I've got our US media correspondent |
| 1:14.6 | Ana Nicolau on the line. Hi, Ana. Hi there. |
| 1:18.6 | So, Ana, before I get to the Joe Rogan stuff, Spotify's share price dropped as much as |
| 1:24.7 | 23% at one point and after hours trading yesterday. This is despite the company reporting that |
| 1:31.8 | their fourth quarter revenue rose 24% from the same period a year ago. Why did we see such a sell-off? |
| 1:39.4 | Yeah, so the actual results were quite positive. But I think going into this, a lot of people |
| 1:45.9 | were looking pretty carefully at their forecast for this current quarter. I've just given all |
| 1:51.8 | of the backlash and the controversy. It's going on the past week or so and people threatening |
| 1:57.8 | to delete Spotify and all that. It would be this quarter when that actually would have appeared. |
| 2:03.8 | So, for this quarter, Spotify predicts it will add 3 million subscribers compared to 8 million |
... |
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