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Spotify login with facebook9/4/2023 Spotify’s push into podcasting took off in earnest in 2019, when the Swedish streaming platform spent more than $400m on the Gimlet and Parcast studios, as well as distribution software maker Anchor. “It hasn’t had a meaningful impact – in fact, it’s had a highly detrimental impact on their bottom line.” “Spotify just hasn’t succeeded in leveraging the consumption of podcasts,” says Alice Enders at Enders Analysis. That has not been the case and the streaming giant is now scrambling to cut its losses. The company spent huge sums on talent such as the Sussexes and Joe Rogan in the hopes that ad dollars would follow. The move is an embarrassing setback for the Duchess, who will reportedly not receive a full payout from the $20m deal.īut it is also the latest sign that Spotify’s big bet on podcasting has gone sour. The company has confirmed that Meghan’s Archetypes podcast, which featured high-profile guests including tennis star Serena Williams and singer Mariah Carey, will not be renewed for a second series. Two-and-a-half years later, however, Spotify has been dragged rapidly back to reality. “They are embracing the extraordinary capacity of podcasts on Spotify,” one executive said of the royal pair in an effusive press release. When Spotify struck a podcasting deal with the Duke and Duchess of Sussex in late 2020, the streaming giant’s unabashed pursuit of celebrity appeared to have reached its apogee.
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