What happened
Shares of music and podcast streaming company Spotify Technology (SPOT 2.77%) jumped as much as 13.6% on Monday as growth stocks recovered nicely across the board. Shares closed with a 13.5% gain, nearly at their high for the day.
So what
The biggest news for Spotify today is the company's handling of the fiasco between Neil Young and Joe Rogan. Last week, Young said he wanted off of Spotify's platform unless it dropped Joe Rogan, which Spotify clearly wasn't going to do given Rogan's popularity.
Image source: Getty Images.
Today, Joe Rogan gave a long video explanation, and Spotify's CEO Daniel Ek outlined plans to provide a content advisory to any episode that discusses COVID-19. The CEO also tried to ease user and investor worry about the company's reactions to these concerns, which may have taken longer than some people expected.
Now what
While Spotify might be in the news for this today, it's likely the controversy will pass fairly quickly, and the reality is that Neil Young no longer being on the platform will have a very small impact on Spotify's business. Rogan, on the other hand, is the most popular podcast on Spotify and is a flagship for the company.
It doesn't hurt that growth stocks are up big today, but I think it's also good that we're seeing a likely end to Spotify being in the headlines. Investors seem to like putting controversy behind the company, too.
