Spotify shares fell more than 16% on Thursday, after middling growth projections disappointed some investors.

However, CEO Daniel Ek stated that Q1’s growth projections shouldn’t cause too much concern for investors.

“Let’s begin with our Q4. 406 million users, 180 million subs. We had our best quarter yet in growth terms, beating almost every indicator. That’s something I am extremely proud of. However, the Q1 quarter is much less important than the three other quarters for our overall business. So maybe investors react to this, but I am really, really confident about our overall growth trajectory,” Ek said on CNBC’s “Squawk On the Street.”

Ek said that he is happy with the way the streaming company addressed the growing controversy surrounding Joe Rogan as a podcaster, and concerns expressed by medical professionals about Rogan spreading Covid-19 misinformation via his show.

Spotify has become a controversial topic since Joni Mitchell, Neil Young, and others recently stopped streaming the music service. The reason they did so was to continue hosting “The Joe Rogan Experiment,” which is being accused of misinformation about Covid. Young’s ex-bandmates Crosby Stills and Nash joined Young on Wednesday. asked to pullSpotify will provide them with their content.

Spotify responded to the controversy with its own version content policiesThe company will be publishing the first ever information on illegal, dangerous, misleading, sensitive, and illegal content. Company on Sunday saidIt would also add content advisories on any material that mentions Covid-19. This was in response to a commotion from some musicians, health professionals, and users who felt Spotify should adopt tougher policies to fight Covid-19 misinformation.

Ek stated, “When you take a look at the tasks that scientists have given us to accomplish it all came down to three things.”

“So that’s why I feel happy about this.”

Ek stated Wednesday that the company aims to encourage creativity while maintaining safety.

Ek said that the most important thing was not to change policies solely based in one source. Our policies are carefully written using input from many experts, both internal and externe in the space. These policies are perfect for the platform, I am sure. Joe may have a large audience, but he has to adhere to those policies.

In response, the company echoed policies of FacebookOther social media platforms have had problems with misinformation and harmful content being shared by users. However, unlike those platforms, Spotify signed an exclusive deal with Rogan and is paying him — a relationship that is much more akin to a traditional media company’s deals with content creators.

— CNBC’s Jessica BursztynskyThis report was contributed by you.