 "Spotify")
Swedish audio streaming platform Spotify reportedly paid $200 million for the exclusive streaming rights to "The Joe Rogan Experience," double what has been previously reported.
According to The New York Times, the three-and-a-half year deal is worth at least $200 million that is more than Spotify paid to buy major podcast production companies Gimlet Media and The Ringer.
Spotify announced its exclusive deal with the world's top podcaster two years ago, in May 2020, but didn't reveal the value of the contract.
"The Joe Rogan Experience" is Spotify's biggest podcast in the US and 92 other markets.
The streaming company recently reported 406 million monthly active users in Q4, up from 381 million from the previous quarter. The ad-supported revenue accounted for a record 15 per cent of total revenues in Q4.
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Rogan has been a controversial figure ever since Spotify inked its exclusive deal with him, given his friendliness with several right-wing personalities he has hosted on 'The Joe Rogan Experience'.
The latest controversy over Covid misinformation on Rogan's podcast has gone beyond the low-level boil that previously accompanied outrage over his show.
The current boycott was started by Neil Young, who two weeks ago demanded Spotify pull his songs or drop Rogan's podcast. Young has been followed by a few other artists and creators.
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(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
