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Spotify had to find a way to create a true differentiator to Apple Music & increase margins. 

Spotify doesn’t have the luxury of selling iPhones at a high markup to fall back on so it still loses money. Streaming music isn’t cheap given the need to pay labels, artists and publishers based on consumption. 

What's the solution then?

Well... Podcasts!

Spotify has acquired four podcasting companies in the past 12 months! 

• Spotify paid $340M to acquire content studio Gimlet and hosting platform Anchor
• Podcast content studio Parcast for an estimated $100M. 
• Ringer for $200M

But this did not quench their ambitions. They wanted the biggest fish in the pond, the Joe Rogan Experience.

A staggering $100 million fee was needed to bring the entire JRE library exclusively to Spotify. Joe Rogan is probably like, "Jaime pull up my account balance"

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