Podcasts and music may seem far from one another and two completely separate forms of entertainment, but that becomes less true by the day. Popular streaming service Spotify is aiming to bridge that gap closer by investing an unbelievable amount of money into their podcasting division. Spotify has invested over $400 million into the division before their latest deal. Towards the end of May, the streaming service announced they would be entering into a new deal with Joe Rogan to acquire distribution rights to his podcast, “The Joe Rogan Experience”.
While the exact numbers are confidential and haven’t been released, it’s been confirmed the multi-year agreement is worth upwards of $100 million. While this may seem as if it has nothing to do with rising artists, it means much more to them than they would assume. This is a massive deal for both podcasters and musicians alike, as it’s bound to radically change the landscape of consumption in the coming years.
Spotify is increasing tenfold with more subscribers by the day and has now secured the biggest podcast on the market. Relating this to musicians, this means that a lot more people can potentially come across an artist such as the one reading this article. Artists will have a much higher chance at a greater number of Spotify consumers if they’re advertised to properly on the platform.
Rogan’s podcast is currently primarily watched through YouTube, which most people consume music through by searching for direct tracks. On the other hand, Spotify has “Discover Weekly”, “Release Radar”, and other methods of sharing and discovering new content. With more subscribers to the app, artists have a higher chance of getting discovered through playlists they’re on.
Another aspect to examine is that Rogan’s podcast came to a deal with Spotify for the exclusive rights to the podcast by the end of the calendar year. This has sparked rumors that exclusive distribution contracts for podcasts and music alike will occur more frequently over time. Just as Kanye West exclusively released “The Life of Pablo” on Tidal for quite some time, as well as Beyonce’s “Lemonade”, other streaming platforms could become involved in the war over exclusivity with popular projects.
While they may aim for large artists and their anticipated projects, that’s not to say that an artist reading this article will have blown up into the mainstream by the time this war begins. It may be unwise to sign to one streaming outlet exclusively, but a price tag can always alter the situation. In short, the field of streaming is sure to radically change within the coming years on all platforms. Artists need to be prepared for these changes, with a careful mindset and content ready to release to gain traction among new fans that will boost them to the top of the charts.