(Reuters) - Spotify Technology SA announced a new multi-year deal with comedian and podcaster Joe Rogan on Friday, in a bid to tap into the popularity of his show to drive its advertising revenue.
"The Joe Rogan Experience" podcast, which debuted in 2009, has been an exclusive offering on the music streaming platform since 2020, with the company touting it as the most-listened-to podcast globally.
Spotify also said it will soon make Joe Rogan's show available on other platforms such as Apple (NASDAQ:AAPL), Amazon (NASDAQ:AMZN) and YouTube.
Joe Rogan has interviewed well-known politicians, businessmen and celebrities including film director Quentin Tarantino, singer Miley Cyrus and Tesla (NASDAQ:TSLA) CEO Elon Musk on his podcast.
Sweden-based Spotify is focusing on boosting ad revenue on its platform with the help of its advertising marketplace for podcast publishers and creators - the Spotify Audience Network.
"Since the podcast has been exclusive to Spotify, overall podcast consumption on the platform has increased by 232%," the company said, adding its revenue last year increased 80% compared with 2021.
The multi-year deal with Rogan, which is estimated to be worth as much as $250 million, involves an upfront minimum guarantee, plus a revenue sharing agreement based on ad sales, the Wall Street Journal reported on Friday.
The company declined to comment on the terms of the deal but in an email response said the estimated value of the deal mentioned in the WSJ report was incorrect.
Spotify first added podcasts in 2015 and made a major push into the medium from 2019, buying podcast networks Gimlet Media and Anchor FM and signing exclusive deals with reality TV star Kim Kardashian and former U.S. President Barack Obama.