They pay the record companies a lot of money to have their music on their platform.

Are they still paying exorbitantly for podcaster exclusivity?

Oh yeah, podcasts. I honestly don't know why they're so desperate on attracting people for podcasts. Podcasts are much more unprofitable compared to normal music

Estimated $200M for Rogan. I mean... did that really move the needle for them? Who thought, yes, they have practically every piece of music I want to listen to, but it's the Joe Rogan thing that made me finally sign up.

The graph of subscribers shows really no change in the rate of subscribers:

https://www.statista.com/statistics/244995/number-of-paying-...

Probably just more stock-pumping ZIRP big exit nonsense.

Probably harder to cut a good deal negotiating with the legal team of capital records vs a random podcaster.