Popular streaming platform Spotify has decided not renew its contract with first couple Barack and Michelle Obama’s production company Higher Ground. “The company is instead talking to other distributors about a deal worth tens of millions of dollars, among the most-lucrative in the podcasting business,” Bloomberg reports.
‘Higher Ground is in the middle of negotiations with several potential partners, including Amazon.com Inc.’s Audible and iHeartMedia Inc,” Bloomberg continues. “The company wants to pick a new home within the next few weeks. It has talked with multiple big networks, including Spotify, but the Swedish streaming giant declined to make an offer, according to three sources familiar with the discussions.”
The Obamas originally signed a multi-million dollar deal with the steaming giant in 2019.
“The company has produced a few podcasts since then, starting with ‘The Michelle Obama Podcast,’ which features the former first lady chatting with friends and family on the subject of relationships. Spotify said that show was one of its five most popular podcasts in 2020,” Bloomberg adds.
Barack and Michelle Obama’s production company, Higher Ground, won’t be signing a new deal with Spotify and is instead talking to other distributors https://t.co/rkQ2ntIxed
— Bloomberg (@business) April 21, 2022