Content, of course, has a tendency to court controversy, and Rogan is now giving Spotify more controversy than it bargained for. The strategy was a means to attract new customers while showing Wall Street a path forward that didn’t involve siphoning roughly 70% of Spotify’s revenues back to the music industry. They also embarked on a series of mega deals for high-wattage talent, signing the Obamas, Prince Harry and Meghan Markle, and, of course, podcasting phenomenon Joe Rogan, who entered into an exclusive licensing agreement for a reported $100 million. The audio gold rush was well underway, and Spotify mined its riches with a push into podcasting, acquiring Gimlet Media, Parcast, and The Ringer. After radically reshaping how we listen to and purchase music, in 2019 Spotify set its sights on new conquests.
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