The Spotify-Rogan relationship came under intense scrutiny this month after a group of 270 health experts published an open letter on January 12 urging the platform to establish a clear misinformation policy in response to rampant Covid misinformation on the podcast, pointing to Rogan’s consistent promotion of ivermectin as a treatment for the virus, despite the Food and Drug Administration warning that it’s not proved to be efficacious.

In October, the firm said the Rogan podcast, which attracts an estimated 11 million viewers per episode, contributed to an overall increase in third-quarter revenue. Though it’s long focused on music, the company has more recently turned to podcasting in a bid to grow its business, acquiring audio company Podz for $50 million in June and exclusive licensing rights for “The Joe Rogan Experience” in a $100 million deal one year earlier. Since its founding in 2006, Spotify has become the world’s most popular audio streaming service, with more than 381 million active users, 172 paying subscribers and 70 million tracks on the platform.

White said the “troubling” quarter for Netflix, whose shares have plunged 30% since the report, “has cast a cloud of suspicion over the Spotify story,” and lowered his price target for the music-streaming service from $380 to $240.

Will spotify stock go back up