Spotify stocks fall as executives seek to reassure amid Rogan controversy

Spotify on Wednesday forecast current-quarter subscribers lower than Wall Street expectations, but executives sought to reassure investors that growth had not cratered even as it deals with the fallout from the controversy around the Joe Rogan Experience podcast.

Shares pared losses and were down between 3% to 9% after the initial shock.

Total monthly active users rose 18% to a record 406m.

The company, however, forecast current-quarter paid subscribers of 183m, below expectations of 184m. Revenue is expected to meet estimates of ¤2.60bn .

The subscription music streaming service has invested over $1bn in the podcasting business, led by marquee exclusive shows such as The Joe Rogan Experience.

But the allure of the podcast star also drew condemnation after his show aired controversial views around Covid-19, drawing protests from artists Neil Young and Joni Mitchell.

Rogan, a popular internet commentator, has since apologized and Spotify said it would start adding content advisories to episodes discussing Covid.