Spotify’s podcast bet turns into a serial drama
SummaryNo one in the business is making much money on podcasts, but Spotify, which has spent far more on the medium than its rivals, has more to lose than most.
Spotify spent more than $1 billion to build a podcasting empire. It struck splashy deals with Kim Kardashian, the Obamas and Prince Harry and Meghan Markle. It paid $286 million for a pair of podcast studios and spent $250,000 and more an episode on exclusive shows to lure new listeners.