Joe Rogan has put Spotify in a tough spot, but the streaming company is not ready to part ways with the popular podcast host despite intense criticism over his anti-coronavirus vaccine comments and use of racial slurs.
Spotify chief executive Daniel Ek also said in a message to employees on Sunday that Rogan’s racist language was “incredibly hurtful” and that the host was behind the removal of dozens of episodes of The Joe Rogan Experience.
“While I strongly condemn what Joe has said and I agree with his decision to remove past episodes from our platform, I realise some will want more,” Mr Ek said in the note. “And I want to make one point very clear — I do not believe that silencing Joe is the answer.”
I do not believe that silencing Joe is the answer
Daniel Ek,
Spotify CEO
The letter is the clearest indication yet of where Spotify stands on Rogan’s fate with the company as some musicians, including Neil Young and India.Arie, have pulled their work from the streaming service in protest and others could follow.
Spotify reportedly paid $100 million to exclusively host Rogan’s podcast, which now threatens the bottom line but is also a key part of the company’s strategy to be a one-stop shop for audio.
“We should have clear lines around content and take action when they are crossed, but cancelling voices is a slippery slope. Looking at the issue more broadly, it’s critical thinking and open debate that powers real and necessary progress,” Mr Ek wrote.
He said he was “deeply sorry” for the impact the controversy was having on Spotify’s employees. Rogan apologised on Saturday for his use of a racial slur on some past episodes.
In his letter, Mr Ek announced an investment of $100m to license, develop and market “music and audio content from historically marginalised groups”, without giving more details.
Rogan’s public troubles started on January 24 when Young asked to have his music removed over concerns Rogan was promoting scepticism about the Covid-19 vaccines. Other artists followed suit, including Joni Mitchell and Roxane Gay.
Spotify said it would soon add a warning to all podcasts that discuss Covid-19, directing listeners to factual, up-to-date information from scientists and public health experts.
The scrutiny intensified when a video compilation emerged last week showing Rogan repeatedly using a racial slur. Arie posted it on her Instagram account, using the hashtag #DeleteSpotify.
“They take this money that’s built from streaming, and they pay this guy $100m, but they pay us like .003 per cent of a penny,” the Grammy winner wrote. “I don’t want to generate money that pays that.”
Rogan apologised in an Instagram on video Saturday, saying that the slurs were the “most regretful and shameful thing” he has ever had to address and that he hasn’t used the word in years.
Mr Ek told The Wall Street Journal last week that he took responsibility for being “too slow to respond” to the criticism over vaccine misinformation. It took the company five days to respond publicly to Young.
“It’s become clear to me that we have an obligation to do more to provide balance and access to widely accepted information from the medical and scientific communities guiding us through this unprecedented time,” Mr Ek continued in a statement.
Spotify reports having 406 million active monthly users, up nearly 20 per cent from last year, and advertising has grown largely because of podcasts.
Musicians still generate the bulk of Spotify’s profits, experts say. The company had 31 per cent of the 524 million music streaming subscriptions worldwide in the second quarter of 2021, more than double that of second-place Apple Music, Midia Research said.
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Three ways to boost your credit score
Marwan Lutfi says the core fundamentals that drive better payment behaviour and can improve your credit score are:
1. Make sure you make your payments on time;
2. Limit the number of products you borrow on: the more loans and credit cards you have, the more it will affect your credit score;
3. Don't max out all your debts: how much you maximise those credit facilities will have an impact. If you have five credit cards and utilise 90 per cent of that credit, it will negatively affect your score.
The Details
Kabir Singh
Produced by: Cinestaan Studios, T-Series
Directed by: Sandeep Reddy Vanga
Starring: Shahid Kapoor, Kiara Advani, Suresh Oberoi, Soham Majumdar, Arjun Pahwa
Rating: 2.5/5
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
Profile
Company name: Jaib
Started: January 2018
Co-founders: Fouad Jeryes and Sinan Taifour
Based: Jordan
Sector: FinTech
Total transactions: over $800,000 since January, 2018
Investors in Jaib's mother company Alpha Apps: Aramex and 500 Startups
The Breadwinner
Director: Nora Twomey
Starring: Saara Chaudry, Soma Chhaya, Laara Sadiq
Three stars
Day 5, Abu Dhabi Test: At a glance
Moment of the day When Dilruwan Perera dismissed Yasir Shah to end Pakistan’s limp resistance, the Sri Lankans charged around the field with the fevered delirium of a side not used to winning. Trouble was, they had not. The delivery was deemed a no ball. Sri Lanka had a nervy wait, but it was merely a stay of execution for the beleaguered hosts.
Stat of the day – 5 Pakistan have lost all 10 wickets on the fifth day of a Test five times since the start of 2016. It is an alarming departure for a side who had apparently erased regular collapses from their resume. “The only thing I can say, it’s not a mitigating excuse at all, but that’s a young batting line up, obviously trying to find their way,” said Mickey Arthur, Pakistan’s coach.
The verdict Test matches in the UAE are known for speeding up on the last two days, but this was extreme. The first two innings of this Test took 11 sessions to complete. The remaining two were done in less than four. The nature of Pakistan’s capitulation at the end showed just how difficult the transition is going to be in the post Misbah-ul-Haq era.
How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
- Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
What are the regulations?
- Fly it within visual line of sight
- Never over populated areas
- Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
- Users must avoid flying over restricted areas listed on the UAE Drone app
- Only fly the drone during the day, and never at night
- Should have a live feed of the drone flight
- Drones must weigh 5 kg or less