Spotify Doubles Down on Podcasts
The Spree Continues
Spotify (SPOT) has invested over $600 million in podcast content this year. The company hopes this will not only drive advertising revenue but allow it to expand, offering more than just music streaming.
Earlier this year, Spotify bought the Ringer, which creates sports and pop culture podcasts. It also signed an exclusive deal to bring Joe Rogan’s podcast, The Joe Rogan Experience, to the platform.
Last week, Spotify continued its spending spree by signing two separate podcast deals—the first with DC Entertainment, owned by Warner Bros. (T), and the second with Kim Kardashian West. On Thursday, after the deals went through, Spotify’s shares spiked more than 10%, reaching their highest level in a year.
Deals With Kim Kardashian West and DC Entertainment
Through its partnership with DC Entertainment, Spotify will produce and distribute scripted podcasts centered around characters like Superman, Wonder Woman, and Batman. They are setting out to create a new form of podcast storytelling with an intricate web of plot lines, much like the popular DC Entertainment Marvel films.
Spotify will also produce an exclusive podcast with Kim Kardashian West. The show will cover West’s work with the criminal justice reform nonprofit, The Innocence Project. Spotify hopes the podcast will draw in listeners looking to join the current conversation about racial justice and police reform in the US.
Speaking of Spotify: SoFi’s Daily Podcast Hits Streaming Platforms
In related news, SoFi’s Daily Podcast just launched on Spotify , Apple Podcasts , and elsewhere . How can you reach financial independence? It’s about saving, borrowing, spending, investing, and protecting your money better—and that all starts with having the right information. Every weekday morning, the SoFi Daily Podcast is here with the highlights to keep you up to date on important business news and stock market happenings—and how they may affect your financial life.
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