Share Spotify Plummets by 20 Percent, Growth of New Subscribers Slows Down
Shares of music streaming service Spotify plunged about 20 percent on Wednesday after announcing lower profit margins and a slower increase in new subscribers.
The Swedish streaming service gave no reason for the disappointing forecast but said that the coronavirus’s uncertainty makes it more difficult to express an expectation.
The disappointing numbers come at a bad time for Spotify, which has been discredited in recent weeks after several major artists decided to remove their music from the service.
According to the musicians and other critics, comedian Joe Rogan would spread disinformation about the coronavirus in his Spotify podcast.