RAD - The Obamas Are Leaving Spotify. AMZN Stock Could Be a Big Winner.
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Former President Barack Obama and his wife, Michelle Obama, are reportedly searching for a new home to host their podcasts and it could be a benefit to Amazon (NASDAQ:AMZN) stock.
According to reports from insiders close to the matter, Spotify (NYSE:SPOT) isn’t interested in renewing a contract with Higher Ground, which is the Obamas production company. As a result, the group is looking for another podcast service to fund its ventures.
This opens up several other companies, including Amazon, to a potential deal for new content from the Obamas. However, there’s one sticking point to consider: Higher Ground wants to publish its podcasts on multiple platforms.
That sticking point is what has Spotify refusing to renew a contract that ends this fall. It could also cause Amazon to pass up on a deal. Both companies typically seek exclusivity deals for podcasts that they fund, reports Bloomberg.
On the flip side, pulling in the Obamas for podcasts could bring over new subscribers to Audible, Amazon’s audio streaming service. Higher Ground’s podcasts with the duo were some of the most popular on Spotify. If that does happen, it could strengthen Audible’s standing next to Spotify and end up benefiting AMZN stock.
Of course, we’re still months out from the Obamas’ current contract expiring. Until then, new content is set to show up on Spotify. Even so, the reports claim a new multimillion podcast deal could be signed in the coming weeks. We’ll make sure to keep an ear open for news of where Higher Ground will host its podcasts next!
SPOT stock is down 1.9% and AMZN stock is up slightly as of Thursday morning.
Investors looking for more stock market news will want to keep reading!
We’ve got all the most recent stock coverage traders need to know about for Thursday! That includes what has airline stocks rising, why Rite Aid (NYSE:RAD) stock is slipping, as well as this morning’s biggest pre-market stock movers! You can find out all about these matters at the links below!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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