Spotify Know-how S.A. (NYSE: SPOT) reportedly shelled out a minimal of $200 million to get Joe Rogan to podcast on its platform.
What Occurred: The worth of the three-and-a-half-year deal that secured Rogan on Spotify was a minimum of $200 million, reported The New York Instances Thursday citing two individuals accustomed to the matter.
Notably, Spotify declined to make executives accessible to The Instances for interviews and a spokesperson refused to touch upon Rogan’s deal. The podcast star’s representatives additionally didn’t reply to the newspaper’s question.
Why It Issues: It was reported in Could 2020 by the Washington Put up that the Rogan licensing deal was price greater than $100 million over a number of years and included the catalog of earlier podcasts spanning 11 years.
“The Joe Rogan Expertise” is Spotify’s largest podcast in the US and 92 different markets, in response to the Instances.
The podcast has stirred controversy not too long ago, that includes racial slur in some episodes and alleged COVID-19 misinformation.
Musicians Joni Mitchell and Neil Younger eliminated their works from Spotify in protest of Rogan’s speak present.
This month, Spotify CEO Daniel Ek confirmed that Rogan took down some episodes of The Joe Rogan Expertise podcast within the wake of the controversy. The CEO stated he doesn’t imagine “silencing Joe is the reply.”
Worth Motion: On Thursday, Spotify shares traded 2.9% decrease at $159.22 within the common session.
Learn Subsequent: Shifting Previous Joe Rogan Controversy, Spotify Boosts Podcast Enterprise With 2 Key Acquisitions
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