Spotify investor demands report on platform's content-policing rules amid Joe Rogan COVID-19 misinformation and racism fallout, report says
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- Spotify is in the spotlight over its handling of the Joe Rogan COVID-19 misinformation and racism fallout.
- A top investment fund has demanded a report from Spotify on its new content-policing policies, Reuters reported.
- The head of of the $270 billion fund warned that lax content moderation created legal and financial risks.
The head of the $270 billion New York state pension fund has demanded a report from Spotify on the effectiveness of its new content-policing rules, according to a report.
The demand, from Thomas DiNapoli, New York State Comptroller, whose funds hold Spotify stock, was made in a letter to Daniel Ek, CEO of Spotify, on February 2, Reuters said.
Spotify is in the spotlight over its handling of the Joe Rogan COVID-19 misinformation and racism fallout. The podcast host apologized Saturday for using the N-word repeatedly across older episodes of his show. Rogan has also faced a backlash from scientists and musicians including Neil Young for hosting a guest known for spreading COVID-19 misinformation.
After the COVID-19 misinformation row erupted, Spotify said it would not remove Rogan but would add content advisories to episodes that discussed COVID-19. It also announced "platform rules" targeting incitement of violence and hatred.
Per Reuters, in his letter to Ek, DiNapoli wrote: "As we have seen with other technology and media companies who host or publish content, the failure to successfully moderate content on a company's platforms can lead to various reputational, regulatory, legal, and financial risks."
DiNapoli also asked Spotify to introduce a system that allows users to report content they think might violate its policies, Reuters said.
Neither Spotify or DiNapoli's office immediately responded to Insider's requests for comment.
DiNapoli is sole trustee of the New York State Common Retirement Fund, one of the largest investment funds in the world, which was last valued at $267.8 billion. As such, he holds significant clout in financial markets.
Funds overseen by DiNapoli held $41 million worth of Spotify stock at the end of 2021, giving him the 73rd-largest stake in the company, according to Reuters data.
Ek told staff in a memo on Sunday the platform will not drop Rogan, saying that "canceling voices is a slippery slope."
Spotify bought the rights to Rogan's show in May 2020 for a reported sum of more than $100 million.
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