Why Joe Rogan Is a $100 Million Bargain for Spotify
Spotify’s exclusive podcasting deal with Joe Rogan, which the Wall Street Journal reported to be worth more than $100 million, already looks like a bargain for the streaming giant. Here’s what that means: When Rogan tweeted he would be taking his podcast to Spotify at 11:30 a.m. PT on Tuesday, Spotify’s stock was trading at $169.35 per share. The company’s stock price spiked during the rest of the trading day on Tuesday, closing a hair above $175 per share; that surge carried over to Wednesday, with Spotify’s stock price leaping another 8.5%, to $189.80 per share. That run, following Rogan’s tweet, translates to more than $3.0 billion added to Spotify’s valuation. (The Stockholm-based company now has a market cap of $35.3 billion.) In other words: Spotify investors have clearly signed off on the company’s bet on signing top podcasters like Rogan. Also Read: 'The Last Dance' Helped the Chicago Bulls Intro Song Blow Up on Spotify As part of the deal, “The Joe Rogan Experience” will hit Spotify on September 1 before being exclusively available on the streaming service by the end of 2020. Wells Fargo analyst Steve Cahall, in a note to clients on Wednesday, praised Spotify for signing...
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