Spotify has reached an agreement worth up to $250 million with its most popular podcaster, Joe Rogan, to renew his show on a multiyear basis and allow his podcast to be distributed across a wider ranger of platforms, the company announced Friday. Previously, his show was only available on Spotify. The deal was first reported by the Wall Street Journal.
The Joe Rogan Experience, which debuted in 2009, was the most listened to podcast in the U.S. in the third quarter of last year, according to Edison Research.
The deal will see Rogan get a share of the revenue his show generates on the platforms, Bloomberg reported. This is part of a wider push by Spotify to pay smaller minimum guarantees to its talent, and instead aim to distribute risk through revenue-sharing deals, The Wall Street Journal reported. Spotify has yet to make money on its $1 billion expansion into podcasting, The Journal previously reported.
Spotify’s shares rose by as much as 2.5% on Friday.