Pending Renewal for $145,000,000 Worth of Joe Rogan and Michelle Obama Podcasts, Spotify CEO Makes Major Changes

Joe Rogan‘s podcast is one of the most popular in the world. His show, ‘The Joe Rogan Experience’, attracts millions of listeners every episode, and he has interviewed a wide range of guests. The names include Elon Musk, Bernie Sanders, Jordan Peterson, and many more.

In 2020, Rogan signed an exclusive contract with the streaming giant, Spotify. First, it was reported that the deal was worth $100 million. However, later reports revealed the deal to be worth double. The deal covered 3.5 years of exclusivity on his podcasts and was seen as a major coup for Spotify. However, it appears that Rogan may not be in line for another big deal with Spotify.

Is The Joe Rogan Experience not getting an extravagant contract deal from Spotify?

In 2020, Spotify was aggressively pursuing the podcast market. But now, as per The Verge, Spotify has reported a net loss of $248 million in the first quarter of 2023. It appears that the company is looking to cut costs and operate more efficiently. The CEO, Daniel Ek, has stated that the company will not overpay podcasters and will be tightening its belts in the coming year.

Answering an analyst this morning, Ek said – “You’re right in calling out the overpaying and over-investing. I can start off by saying that we’re not going to do that”. This means that famous podcasters like Joe Rogan and Michelle Obama may not be in line for another massive payday from Spotify.

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Spotify’s revenue has also fallen short of projections. The streaming giant has earned around $3.3 billion in revenue, which is less than its target of $3.4 billion. But there are some silver linings in the clouds for Spotify. Spotify’s most recent quarter’s statistics showed an increase in both users and premium members. Podcast ad income also increased by 20% year over year.

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According to reports, Spotify is not currently making money from the podcast industry. In this scenario, things are looking a bit uncertain for podcasters like Michelle Obama and Joe Rogan. Spotify spent around $1 billion on podcasting deals in 2020, but that seems to be a thing of the past now. Does Rogan continue with Spotify even after his current contract expires? Or does he part ways with the company and find a new platform for its podcast? Only time will tell.