Obamas to part with Spotify, take podcasts to new home
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Spotify (NYSE:SPOT) and former President Barack Obama and first lady Michelle Obama won't renew their podcasting deal, and the couple will talk with others about a new multimillion-dollar arrangement, Bloomberg reports.
The split between the Obamas' Higher Ground Audio and Spotify isn't especially surprising as the three-year deal comes to an end. But the Obamas reportedly had difficulty trying to get shows approved at Spotify; the couple's focus on launching young new voices rather than carrying shows themselves hasn't aligned with Spotify's vision, Vanity Fair reported.
The Obamas are reportedly in talks with Amazon.com's Audible (AMZN) and iHeartMedia (IHRT) about a new deal worth tens of million of dollars, covering their podcasts. They talked with Spotify as well, but the streaming-audio giant didn't make an offer, according to the report.
And Higher Ground's new deal might allow it to release shows on multiple platforms at the same time - which could explain Spotify's lack of interest, as a widely popular non-exclusive show could end up there in any case. Spotify retains ownership of master recordings produced under the existing three-year deal.
The Michelle Obama Podcast was one of Spotify's most popular in 2020.