In May last year, Spotify announced that it had signed a deal withThe Joe Rogan Experiencepodcast to provide the podcast exclusively on their platform. The deal was reportedly the biggest deal ever for a single podcast, costing Spotify more than US$100 million. Along with several other podcast acquisitions, including Gimlet Media and Anchor, Spotify has spent close to US$1 billion onpodcast related acquisitions and production (https://www.fool.com/investing/2021/01/21/did-spotify-waste-1-billion-on-podcasts/#:~:text=Overall%2C%20Spotify%20spent%20close%20to,is%20getting%20its%20money's%20worth) in the past two years.

Read this article byThe Verge (https://www.theverge.com/21265005/spotify-joe-rogan-experience-podcast-deal-apple-gimlet-media-ringer).

Question

Why is Spotify spending so much on podcasts? Using some concepts from the weeks 8 and 9 lectures, what market changes is Spotify hoping to achieve by spending big on podcasting? Do you think this is a good move by Spotify?