Podcast sharing is podcast caring

Big day for all the Apple Podcasts users out there. Spotify is removing its exclusivity on many of the Gimlet Media-produced podcasts, like Science Vs, that were previously only available to access by those with a Spotify account.

According to a statement released by Spotify yesterday, the move is meant to increase the audience and ad-sales potential of its shows. But the move appears to be a strange conclusion for the company’s previous podcast strategy, which focused on acquiring and retaining content to host exclusively on its platform.

⏪ Let’s rewind: In 2019, Spotify acquired Gimlet Media, the podcast studio behind shows like Reply All, StartUp, and Crimetown, for $230 million. Bringing Gimlet on board was one piece of Spotify’s expansion into podcasting that also included an almost $200 million acquisition of Bill Simmons’ podcast network, The Ringer, as well as a roughly $200 million licensing deal for the exclusive rights to The Joe Rogan Experience through 2023.

• Interestingly, Bill Simmons convinced Spotify to keep The Ringer’s podcasts available across platforms, citing a large audience on Apple and massive ad gains from the rise of sports betting.

📸 Big picture: On an earnings call in January, Spotify CEO Daniel Ek said he probably “got a little carried away and overinvested relative to the uncertainty we saw shaping up in the market.” The audio giant made $215 million in podcast revenue in 2021, compared to the $1 billion it had spent on podcasts.