RTTNews | Jan 31, 2022 10:20AM EST

10:19 Monday, January 31, 2022 (RTTNews.com) - Shares of Spotify Technology S.A. (SPOT) are gaining over 5% on Monday morning after the music streaming service announced several initiatives to stop the spread of misleading information about Covid-19 on its platform. SPOT is currently trading at $182.58, up $9.60 or 5.55%, on the Nasdaq.

The move by Spotify comes after the company's stock tanked 12% last week after popular podcaster Joe Rogan created a controversy after he allegedly conveyed false information about Covid-19 vaccines. Folk singers Neil Young and Joni Mitchell last week pulled their music from Spotify in protest of Rogan.

Earlier this month, an episode of The Joe Rogan Experience featured Robert Malone, a doctor who claimed mask-wearing had induced something called "mass formation psychosis," and that people were "hypnotized" into believing facts about COVID-19.

The Swedish digital music service said it is working to add a content advisory to any podcast episode that includes a discussion about COVID-19 aiming to combat misinformation.

In a blog post, Chief Executive Officer Daniel Ek said, "You've had a lot of questions over the last few days about our platform policies and the lines we have drawn between what is acceptable and what is not. .. We know we have a critical role to play in supporting creator expression while balancing it with the safety of our users. In that role, it is important to me that we don't take on the position of being content censor while also making sure that there are rules in place and consequences for those who violate them."

The company said its new content advisory will direct listeners to COVID-19 Hub, a resource that provides easy access to data-driven facts, up-to-date information as shared by scientists, physicians, academics and public health authorities, as well as links to trusted sources. This new effort will roll out to countries around the world in the coming days.

Meanwhile, in a video posted to Instagram, Rogan has apologized for his error. "I'm very sorry that they feel that way. I most certainly don't want that," he said about Young and Mitchell.

He added: "I want to thank Spotify for being so supportive during this time and I'm very sorry that this is happening to them and that they're taking so much heat from it."

Read the original article on RTTNews ( https://www.rttnews.com/3258730/spotify-shares-gain-5-as-it-takes-steps-to-curb-covid-19-misinformation.aspx)

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