The globally known music streaming platform Spotify started at $291.75 per share at the beginning of September, but according to Digital Music News, the stock has fallen to $241.97, equivalent to 17%. 121.92 million shares owned by individual investors saw a market-cap decrease in excess of $6 billion in September. For all 189.95 million WITH outstanding SPOT shares, the $50-per-share decline also saw the Spotify stock market cap has lost north of $9.4 billion in September.
While it’s known for sharing music playlists and streaming the newest songs, it also streams popular podcasts including The Joe Rogan Experience, a criminal-justice program from Kim Kardashian West, a show from TikTok star Addison Rae and many others.
Earlier this year, Spotify, as well as Amazon, Google and other streaming platforms, got the right for the Copyright Royalty Board’s (CRB) decision regarding a 44 percent increase in royalties. “If presented with the prospect of smaller royalty payments (to cover the bolstered mechanical rate), record labels could opt to remove their music from streaming platforms like Spotify and Pandora,” said The CRB.
This news came after Spotify CEO Daniel Ek’s had made some controversial comments regarding music royalties. Ek’s comments had received backlash from artists across the industry including Neko Case, Fucked Up, Zola Jesus and Massive Attack.