US market indices are shown in real time, except for the S&P 500 which is refreshed every two minutes. Your CNN account Log in to your CNN account For the next quarter, Spotify estimates that there will be 150 million to 154 million paid subscribers and revenue of $2.3 billion to $2.6 billion. The company generated about $2.3 billion in revenue, up 14% from the year prior. According to BuzzFeed, the memo said, “We are not going to ban specific individuals from being guests on other people’s shows, as the episode/show complies with our content policies.”įor the third quarter, Spotify reported 144 million paid subscribers, up 27% from the year prior and at the high end of its forecast. Horacio Gutierrez, Spotify’s chief legal officer and head of global affairs, seemingly addressed the controversy over Jones without naming him directly in an internal memo leaked this week to BuzzFeed News. Spotify declined CNN Business’ request for comment about that incident and the latest episode with Jones. Later that month, Rogan apologized after he sparked anger for spreading misinformation during an episode about the West Coast fires.
Our diverse team of experts reviewed the content in question and determined that it did not meet the criteria for removal from our platform,” a Spotify spokesperson told Motherboard at the time. “All content on Spotify is subject to our long-standing content guidelines.
Ek defended Rogan in an all-hands meeting, according to Motherboard. Vice’s Motherboard reported Spotify employees challenged management about Rogan’s presence on the platform, specifically citing his comments about transgender people. When Spotify added “The Joe Rogan Experience” to the platform, the episodes that featured Jones and Proud Boys founder Gavin McInnes were absent. Prior to the Spotify deal, Rogan courted controversy for inviting personalities such as Jones, who appeared in episodes in 20, to peddle conspiracy theories to his massive audience. It’s very much been an international hit, which may have been a little bit of surprise.”īut Rogan faced scrutiny from Spotify employees and consumers. “I think the real test will come, however, when the podcast becomes exclusive at the platform, but we’re very encouraged with the launch so far. On Thursday’s called, Ek said the podcast has been an “overall great success so far.” So, I think it’s going to be a very, very positive one,” Ek said on the July call. “his was the number one searched for show on Spotify that we are now including. In an earnings call in July, two analysts separately asked about Rogan’s potential impact on bottom line and subscriber numbers. Rogan, who has long been one the most popular podcasts in the US, signed a multi-year exclusive licensing deal with Spotify in May, which The Wall Street Journal reported could be worth more than $100 million. If we can’t do that, then there are other choices for creators to go.” “We do apply those policies, but it’s important to note that this needs to be evenly applied - no matter if it’s an internal pressure or an external pressure as well - because otherwise we are a creative platform for lots of creators, and it’s important that they know what to expect from our platform. “It doesn’t matter if you’re Joe Rogan or anyone else,” Ek said. Two years ago, Spotify removed several episodes of a show hosted by Jones for “violating our hate content policy.”ĬEO Daniel Ek addressed the recent controversy during Thursday’s earnings call, saying the company is focused on “consistently applying” its content policies. Thursday’s earnings report comes amid a week of backlash against Spotify after Joe Rogan hosted right-wing conspiracy theorist Alex Jones on his podcast Tuesday. Spotify said podcast listening is growing with 22% of monthly active users engaging with that content, up from 21% the previous quarter.īut Spotify has opened itself up to controversies and criticism as it invests more in the podcast industry. While Spotify makes the vast majority of revenue from paid subscribers, ad-supported revenue grew 9% in the third quarter of 2020 compared to the year prior. Spotify reported that its advertising revenue has rebounded, which it partly attributed to podcasts, and consumption hours in the third quarter surpassed pre-pandemic levels. 1 show on its platform globally in July and August. Spotify also said “ The Michelle Obama Podcast” was the No. 1 show in its English-speaking markets and it “outperformed our audience expectations,” after the podcast was added to Spotify on September 1. The company on Thursday said “The Joe Rogan Experience” is now the No. But the audio streaming platform is also paying the price for the spread of misinformation. (SPOT) is reaping the financial rewards of betting on podcasts.
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