They are headed home for the winter after a 101 win season. The Mets were packing their boxes and their bags. Moments after their best-of-three win, the Padres were the team posing for photos on the mound and in their clubhouse down the hall. This time it was the lower seed and NL Wild Card San Diego Padres. and DC Comics, and the Duplass Brothers.As it was in the 2015 World Series and the 2016 Wild Card game, the opposing team celebrated a playoff series win Sunday night on the Mets home turf, Citi Field. Spotify also had inked multiyear podcast pacts with the Obamas and Prince Harry and Meghan Markle’s Archewell Audio, as well as development deals with Kim Kardashian West, Warner Bros. Last fall, it secured exclusive rights to “The Joe Rogan Experience,” the hugely popular and controversial show. It has also spent millions on original and exclusive podcast content. Last year Spotify bought Bill Simmons’ The Ringer podcast and media startup in a deal worth up to nearly $200 million and spent $235 million in cash to buy podcast publishing and ad company Megaphone. Spotify kicked off its podcast-growth initiative in early 2019, buying podcast studios Gimlet Media and Parcast, and podcast self-publishing platform Anchor - paying nearly $400 million for them, with additional potential payouts over four years. Spotify hosts more than 1.9 million podcast titles, most of which are nonexclusive. Spotify as of the end of September had more than 320 million users, including 144 million paid subscribers, across 92 markets. However, it’s not clear that would present a competitive threat to Spotify any greater than Apple Music already poses. Meanwhile, Apple execs have been “discussing” a potential podcast subscription service, the Information reported Friday, citing unnamed sources. And, that would be bad for Spotify’s multiple and equity value.” Spotify has a market cap of more than $60 billion, while it has continued to post operating losses.
The Citi analysts wrote that “our fear is that if podcasting doesn’t provide a way for Spotify to shift away from music label dependence, the Street may reassess the underlying value of the business.
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