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Spotify’s Head Honcho Talks About Having “Over-Invested” in Podcasts With Joe Rogan Topping the Mark From His $200M Deal

Published 02/03/2023, 1:00 PM EST

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Spotify is shaking things up in the podcast world, as the platform continues to lead the charge in popularizing the medium. Now it’s not just Joe Rogan, but many major celebrities and influencers are hopping on the podcast bandwagon, making them more popular than ever. With such demand, Spotify has been putting its money where its mouth is by investing millions in top-tier shows. Spotify has gone all-in on its investment, shelling out millions of dollars to secure top-tier content; including the $18 million deal for ‘Archetypes’, the podcast of Prince Harry and Meghan Markle. But the real coup de grâce was securing ‘The Joe Rogan Experience’ with a whopping $200 million deal.

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And recently, Spotify’s CEO admitted to having bitten off more than he could chew. He admitted to being swept away by the uncertainty in the market and getting a little carried away. He now has a chip on his shoulder as he navigates the uncharted waters of the rapidly evolving podcast industry.

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Does Spotify regret its deal with Jor Rogan?

Daniel Ek, CEO of Spotify, is taking a step back and reflecting on the company’s recent spending spree on podcasts. He once thought throwing money at securing top-tier content was a no-brainer. However, he now realizes he may have painted himself into a corner. As reported by Daily Mail UK, Ek said, “In hindsight, I probably got a little carried away and over-invested relative to the uncertainty we saw shaping up in the market.”

Reflecting upon the same, Spotify CFO Paul Vogel added, “We always knew that 2022 would be an investment year and 2023 will be a year where we would slow down the investments and thereby operating expenditure while revenue keeps on climbing.

In its quest to be the king of podcasts, Spotify is leaving no stone unturned. As part of its strategy, the company has made the tough call to cut a few podcasts that didn’t make the cut; choosing instead to focus on the cream of the crop. Ek stated, “Spotify will double down on things that worked well and stop doing the things that don’t work.”

He further added, “We are a lot more focused on efficiency.

And Spotify did abide by their word when Joe Rogan got thrown under the bus for his comments on the Covid vaccine. Whereas the public urged a boycott of the 55-year-old, Spotify had his back all along.

When Spotify prevented Joe Rogan from getting canceled

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Joe Rogan, the face of Spotify’s podcasting empire, found himself in hot water over his controversial stance on COVID-19 vaccines and alleged use of racial slurs. The public was up in arms over his remarks, and the backlash was swift and severe. Spotify was forced to address the issue. And while they concurred with the public’s outrage; they stood by their star and made sure he didn’t get the ax.

Daniel Ek also sent to The Hollywood Reporter regarding the controversy surrounding the podcast. He wrote, “While I strongly condemn what Joe has said and I agree with his decision to remove past episodes from our platform, I realize some will want more. And I want to make one point very clear – I do not believe that silencing Joe is the answer. We should have clear lines around content and take action when they are crossed; but canceling voices is a slippery slope”

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Despite the controversy, Spotify is riding shotgun with Joe Rogan and is not backing down from its $200 million investment in his show.

Watch this story: Joe Rogan On Howard Stern And His Evolution Towards Being Woke

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Written by:

Mayur Soni

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Mayur Soni is a UFC Writer at EssentiallySports. His interest in the UFC heightened when he first saw his favorite fighter Conor McGregor knockout Jose Aldo in mere 13 seconds, in 2015. He thus got hooked on the sport.
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Edited by:

Vineet Nandwana