Spotify has plunged $1 billion into building its podcast empire, which now boasts 4 million shows. However, the recent failure of several major podcast deals has left the company with a staggering loss of $565 million in just six months.
One of the most notable failed ventures was the podcast deal with Meghan Markle’s Archewell Audio. Despite the hype around the partnership, it was not successful and ended with both parties citing a mutual agreement to part ways. This setback impacted Spotify’s stock prices significantly, causing them to plummet from a high of $339.32 to $71.22.
The royal couple were not the only high-profile celebrities to end their podcast deals with Spotify. The Obamas also chose to terminate their partnership and opt for other streaming platforms instead, a significant blow to Spotify.
Kim Kardashian’s podcast, The System, was another venture that did not go as planned. Launched with great fanfare, the show went quiet after just one month. “Despite the initial excitement surrounding Kim Kardashian’s podcast, its lack of activity after the first month was a disappointment for Spotify,” the Daily Mail reports.
However, not all of Spotify’s podcast investments have been unsuccessful. Joe Rogan’s exclusive multi-year deal with Spotify is currently the biggest podcast deal, estimated at $200 million. Although it has been marred by controversy, Rogan’s podcast continues to be a popular choice among listeners.