In response, Spotify said it would add a new content advisory to future podcasts discussing COVID-19, and Rogan said he would do a better job to "balance things out" in future coronavirus discussions. A handful of musical artists, including Neil Young and Joni Mitchell, have recently announced plans to remove their music from Spotify in protest of alleged COVID-19 misinformation on the Rogan podcast. Rogan Controversy: Joe Rogan signed a $100 million deal to bring his podcast exclusively to Spotify in 2020. She noted that it's unclear at this point when Spotify will transition from "investment mode" to "harvest mode," and said the company needs to provide details and timelines for investors at its investor day event later this year.Įhrlich reiterated her Buy rating for Spotify, but cut her price target from $352 to $262. "We appreciate the company’s long term goals of 1bn users and 50mn creators and the necessity to invest to reach these targets, however we believe additional clarity on the underlying leverage in the core business would go a long way in assuaging these business model concerns," Ehrlich said. Related Link: Could Joe Rogan Leave Spotify For Rumble?
Unclear Trajectory: On Monday, Bank of America analyst Jessica Reif Ehrlich said Spotify's gross margin trajectory has become less clear, and the company's decision to stop providing full-year guidance doesn't help.
In addition to user growth guidance that may have fallen short of lofty market expectations, Spotify has been dealing with controversy surrounding the content of its most popular podcast, the "Joe Rogan Experience."
Shares of Spotify Technology SA (NYSE:SPOT) are down 15.7% since the company reported fourth-quarter revenue and earnings beats on Feb. 2.
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