Shares of Spotify Technology (NYSE:SPOT) jumped more than 8% on Tuesday after the digital music company announced a blockbuster partnership.
Spotify signed popular podcast personality Joe Rogan to an exclusive multiyear licensing deal. The Joe Rogan Experience is one of the most downloaded podcasts in the world, with an engaged and loyal fan base.
"From his earliest days behind the mic, Joe has been a commentator, fixture, and driving force in culture helping to lay the foundation for the podcasting renaissance we are experiencing today," Spotify said in a press release.
Spotify is investing aggressively to expand its podcast offerings. The music streaming platform believes that bagging some of the rapidly growing industry's biggest names will help to differentiate it from its competitors, such as Apple Music and Amazon Music.
Spotify said that The Joe Rogan Experience "will remain free and accessible to all Spotify users." The show will debut on Spotify on Sep. 1, and it will become exclusive to the platform later in 2020.