Spotify signs new multiyear podcast deal with Joe Rogan
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Spotify on Friday announced a new multiyear deal to distribute "The Joe Rogan Experience" podcast exclusively, while still allowing the show to be available on other platforms, including Apple, Amazon and YouTube.
Why it matters: The deal represents a shift in Spotify's podcast strategy toward owning the distribution and monetization rights to the show across its platform and others.
- The new deal capitalizes on the broad distribution strategy Spotify launched last year that maximizes the show's audience, the streamer said.
Details: Under the terms of the new deal, Spotify will sell ads and distribute "The Joe Rogan Experience" across several podcast platforms, including on YouTube in video format.
- The deal could be worth up to $250 million over the multiyear period, the Wall Street Journal reported.
- In a statement posted to his Instagram, Rogan said he feels "insanely fortunate to have such a platform, and I absolutely love doing it."
Catch up quick: Spotify first signed "The Joe Rogan Experience" exclusively back in 2020.
- Since then, overall podcast consumption on the platform has increased by 232%, the company said. It's helped to fuel an 80% increase in podcast revenue for Spotify last year since 2021.
At the time, the company was investing much more in bringing popular podcasts exclusively to its platform. It's since backed away from that strategy in light of Wall Street pressure for profits.
- Instead, it's made critical improvements to its ad platform to become a strong partner for Rogan or other podcasters looking to partner with a company to grow and monetize their audiences.
The big picture: Joe Rogan had the most popular podcast in America last year, per Edison Research. His Spotify deal has been a massive business success for the streaming company.
Yes, but: The deal hasn't been without drama.
- The company faced enormous pressure for anti-vaccination comments made by Rogan in 2022 — which saw several musicians boycott the platform.
- Spotify stood by Rogan, and eventually that backlash faded.
Go deeper: Spotify moves away from exclusive distribution for certain podcasts
