Spotify Technology S.A. (NYSE:SPOT) reportedly shelled out a minimum of $200 million to get Joe Rogan to podcast on its platform.
What Happened: The value of the three-and-a-half-year deal that secured Rogan on Spotify was at least $200 million, reported The New York Times Thursday citing two people familiar with the matter.
Notably, Spotify declined to make executives available to The Times for interviews and a spokesperson refused to comment on Rogan’s deal. The podcast star’s representatives also did not respond to the newspaper’s query.
Why It Matters: It was reported in May 2020 by the Washington Post that the Rogan licensing deal was worth more than $100 million over several years and included the catalog of previous podcasts spanning 11 years.
“The Joe Rogan Experience” is Spotify’s biggest podcast in the United States and 92 other markets, according to the Times.
The podcast has stirred controversy recently, featuring racial slur in some episodes and alleged COVID-19 misinformation.
Musicians Joni Mitchell and Neil Young removed their works from Spotify in protest of Rogan’s talk show.
This month, Spotify CEO Daniel Ek confirmed that Rogan took down some episodes of The Joe Rogan Experience podcast in the wake of the controversy. The CEO said he doesn’t believe “silencing Joe is the answer.”
Price Action: On Thursday, Spotify shares traded 2.9% lower at $159.22 in the regular session.
Read Next: Moving Past Joe Rogan Controversy, Spotify Boosts Podcast Business With 2 Key Acquisitions
Photo: Courtesy of Do512 via Flickr
