Spotify shares fall after Joe Rogan's podcast was briefly inaccessible on the platform

The Joe Rogan saga has caused a tremendous deplete on Spotify's shares.

The aftermath of Rogan’s controversies are now taking a toll on Spotify, the exclusive media platform distributing The Joe Rogan Experience podcast. On Friday, Spotify Technology's (SPOT.N) shares dropped by 5% after briefly making Rogan’s podcast not accessible on the company's streaming platform, per Reuters.

It was further noted that Spotify’s shares have now fallen about 59% after trading at a record-high $151.16 on the New York Stock Exchange last year. The report added that the JRE podcast is now accessible, but Spotify is yet to comment on the matter.

Boasting an estimated 11 million listeners per episode, Rogan is indeed one of Spotify’s biggest contributors. Earlier reports stated that the company’s current deal with the famed host is around $100 million. However, The New York Times recently reported that Spotify paid Rogan at least $200 million for a three-and-a-half-year exclusive deal.

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Joe Rogan insists shutting him down is not the solution

Joe Rogan is being accused of spreading false information about COVID-19 by sharing his views on the subject on his podcast. Atop that, he was also labeled by some as a racist after a montage of him uttering the 'N-word' went viral on social media.

Recently, Rogan made a bold move and apologized for the issues that continue to damage his image. However, the public insists that more should be done about the stir he caused. Musicans, podcasters and health workers have urged Spotify to reprimand Rogan. Some even want the 54-year-old's content completely removed from the platform.

Despite having apologized, Rogan stressed that silencing him will not do everyone any good. Instead, the UFC commentator pointed out that the only way to end all the controversies is to start having "better arguments." In a recent JRE podcast, Rogan said:

“The answer is not to silence me. The answer is [to] you to do better. The answer is for you to have better arguments.”

Check out Rogan's comments on the matter below: