Joe Rogan Gets New Spotify Deal Worth Up to $250 Million
Hit show to be distributed broadly, including on YouTube, rather than exclusively on audio streaming service
By Anne Steele
Updated Feb. 2, 2024 11:53 am ET
Spotify has reached a new deal with star podcaster Joe Rogan that will allow his hit show to be distributed broadly.
Rogan’s fresh deal, which is estimated to be worth as much as $250 million over its multi-year term, involves an upfront minimum guarantee, plus a revenue sharing agreement based on ad sales.
Under the new licensing agreement, Spotify will sell ads for and distribute “The Joe Rogan Experience” across several podcast platforms, including in a video format on YouTube, the company said Friday. Under his previous deal, the show was exclusive to Spotify.
The new deal is emblematic of shifting economics in podcasting, which has matured in both audience reach and advertising spending since Rogan’s last deal. Spotify is working to revise the terms of its deals with top talent so that shows are distributed on several platforms to maximize their audience and ad sales, rather than requiring exclusivity.
It is also aiming to pay smaller minimum guarantees and emphasize revenue sharing, a model that helps share risk with talent.
Spotify struck its first deal with Rogan in 2020 during its initial blitz into the medium. It agreed to pay more than $100 million to bring “The Joe Rogan Experience” to Spotify exclusively in a bid to jump-start podcast listening on its platform. The show has remained far and away the most popular podcast on Spotify.
Rogan’s previous deal with Spotify ties his payout—estimated to land around $180 million to $220 million by the end of its term this year—to audience-number targets.
Spotify spent heavily on podcasting in the format’s early days to build large audiences from its biggest shows. While that early foray into podcasting proved costly, Spotify surpassed Apple to become the most popular podcast listening platform.
Now, the company is working to become more disciplined in its podcast spending. By distributing Rogan’s show broadly, Spotify stands to make more money from ads it sells as the podcast reaches a larger audience.