Spotify’s Multiplatform Strategy, Rogan Going Public
Late last week Spotify announced the renewal of their contact with The Joe Rogan Experience, but this time around Rogan is not being kept on-platform. Since last year Spotify has begun shifting its focus from populating a walled garden with exclusives to releasing those exclusives to the wider world of podcasting as ad revenue drivers. The second renewal of Rogan’s show sticking with Spotify for distribution and advertising has no firm price tag. A Wall Street Journal report valuing the deal up to $250 million was later refuted as wrong by a Spotify spokesperson. [Source]
WTF is accreditation for Black-owned publications? By Sara Guaglione
A side effect of agencies pledging to commit a percentage of investments into minority-owned publishers has been the rise of accreditation processes that verify they are actually minority-owned. One such organization that provides accreditation is the National Minority Supplier Development Council (NMSDC). To get a podcasting perspective, we spoke with DCP Entertainment CEO Chris Colbert about their experience getting NMSDC certified. Colbert says the process is fairly intense in regards to paperwork, but affordable ($400 for a company making less than $1m/year) and opens up relationships to agencies affiliated with the NMSDC. With DCP Entertainment, accreditation opened the door to new work with a variety of larger companies. [Source]
AdvertiseCast Marketplace Podcast Advertising Rates
The AdvertiseCast industry average podcast advertising rates have been updated to include data from January, and the market has gone down slightly. After a slight increase from November to December, the average going rate for a 60 second podcast ad on AdvertiseCast’s network went from $22.91 CPM (cost per thousand impressions) in December to $21.60 last month. It should be noted that, as AdNews recently reported, all of advertising (as measured by media agency bookings) trended down 2.7% last year. To give perspective on podcast rates in particular: the highest AdvertiseCast’s average CPM has ever peaked was $25.40 in January of 2022 and the lowest was September 2022 at $21.06. While down isn’t thrilling, it’s a fluctuation well within the extremes of the past four years. [Source]
…as for the rest of the news: Andrew Goldsmith has been promoted to CEO of Adelicious, BBC Sounds has publisher their Q4 report, and the Hollywood Reporter has published the full list of nominees for the 2024 iHeartRadio Podcast Awards, the winners of which will be announced live at a particularly podcast-heavy SXSW.
