This is (in Spotify’s words) a “multi-year exclusive licensing deal” rather than an acquisition: it’s not like the up-to-$196m purchase of The Ringer, the podcasts and media company founded by Bill Simmons, earlier this year. Rogan’s podcast will be made available on Spotify for the first time at the start of September, alongside other podcast platforms, but at the end of 2020 it will become a Spotify exclusive. Just before the announcement yesterday afternoon, Spotify shares were trading at $169.35, and they closed the day at $175.03 – a 3.4% spike adding $1.09bn to the market cap, which closed at $32.55bn.) (We’ll explain our workings here, as it’s not a day-on-day calculation. The Wall Street Journal claimed the deal was worth “ more than $100 million“, but the ensuing spike in Spotify’s share price added more than $1bn to the company’s market cap. The streaming service announced an exclusive licensing deal with one of the biggest podcasts, The Joe Rogan Experience. Well, here’s how they worked for Spotify yesterday.

People often ask how the economics of podcasting work.

Spotify joe rogan deal