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📺 First look: Bloomberg TV+, the streaming service that combines Bloomberg TV with financial data and analytics, will now be available on Samsung TV Plus, the companies will announce today.

Join the Market: 🗞️ Newsletter | 🎙️ Podcast

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The podcast blitz

Daniel Ek brings Joe Rogan to Spotify. Is he worth it?

Moving the Market: Spotify has signed a multiyear licensing deal with "The Joe Rogan Experience," bringing one of podcasting's most famous voices exclusively to its platform. It is a landmark moment in Spotify's push to dominate the podcasting space.

• The financial terms are tied to performance targets, but Rogan will almost certainly net well north of $100 million, two sources with knowledge of the terms of the deal told us.

The big picture: Spotify has invested more than half a billion dollars on podcast acquisitions and licensing deals to differentiate itself from competitors like Apple and YouTube — a seemingly logical investment, given that they can't claim exclusive rights to music.

• "Long-term music is a commodity," a media investor told us. "So if Spotify can have exclusive podcasts to differentiate themselves, that’s worth a lot."

• As one digital media executive put it, "if the biggest stars in podcasting live on Spotify, then as a consumer you eventually think your next favorite podcast will be on Spotify."

The big question: Does the math work for Spotify?

• Rogan is one of the most valuable assets in podcasting, with $30 million a year in advertising, according to Forbes. He has 8.5 million YouTube subscribers and claims 190 million downloads a month.

• Spotify is betting that Rogan's die-hard fans — he is particularly popular among men — will sign up for Spotify (if they haven't already) and that they will then start listening to more Spotify podcasts.

• The more Rogan fans who come to Spotify, the more Spotify will be able to charge for advertising on his show. The more those fans listen to other podcasts, the more Spotify can charge for ads there.

• This was more or less the same logic behind Spotify's ~$250 million acquisition of The Ringer, ~$200 million acquisition of Gimlet Media and ~$56 million acquisition of Parcast.

• Whether Spotify will add enough paid subscribers and sell enough ads to justify these investments is an open question. But conceivably the data-driven minds in Stockholm have run the numbers and determined the answer is, "Yes, we will."

• Rogan "has built a very strong following that will likely move where he moves," Nick Quah, the author of the Hot Pod newsletter, which tracks the industry, told us. Quah said it's reasonable to assume that a meaningful percentage of those users will pay for subscriptions.

And what does Apple think? On the surface, it seems like Apple missed an easy opportunity to dominate podcasting. Even if podcasts are a minor part of their business, why cede the field to Spotify? Why not spend a little money to ensure listeners stay with Apple?

• Stratechery's Ben Thompson answered that question in 2017, and it effectively comes down to this: 1. There isn't enough money to justify the investment. 2. They don't want to be in the advertising business.

What's next: Rogan will officially join Spotify on Sept. 1. His show will become exclusive to the platform by the end of the year.

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Talent management

The Joe Rogan risk

One more observation on the Spotify deal, via Recode's Peter Kafka: In signing Rogan, Spotify is aligning itself with a public personality who is not averse to controversy. But now, his controversies will be Spotify's controversies:

• "Spotify... is hiring someone who has provided a platform to conspiracists like Alex Jones, along with key figures in the so-called 'Intellectual Dark Web,'" Kafka writes.

• "Like many of the big tech/content companies, Spotify describes itself as a platform/marketplace, where they aren't directly involved in the stuff people make/consume. But now they're directly employing someone who's a lightning rod."

What's next: Rogan took care to stress that his show "will be the exact same show" it is today. "It’s just a licensing deal, so Spotify won’t have any creative control over the show," he wrote. "They want me to just continue doing it the way I’m doing it right now."

🎧 Pod Wars 🎧

Big day on the podcast front: Read NYT's Taylor Lorenz on the chaos at Barstool Sports resulting from the sudden disappearance of the "Call Her Daddy" hosts.

• The big picture: The saga exposes "the inevitable issues media companies face when their star employees morph into powerful influencers."

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New markets

Facebook goes shopping

Big in the Bay: Mark Zuckerberg has announced the launch of Facebook Shops, a new product that gives small businesses tools to create online stores on Facebook and Instagram. It is intended to help businesses that have suffered amid the coronavirus pandemic.

• The service will also benefit Facebook by moving more online shopping inside the company's family of apps, translating to users spending more time with Facebook and sharing more data about their consumption habits.

The big picture: Consumers have flocked to online shopping during the pandemic, but while some 160 million small businesses use Facebook, the social network has struggled to break into e-commerce.

• With Shops, Zuckerberg believes Facebook could become the primary online presence for many small businesses.

The details: Shops will allow businesses to create a central "Shop" that is accessible from Facebook apps. This will reduce the friction of online shopping, such as being redirected to a store's website and asked to enter payment and shipping information.

• Facebook will partner with e-commerce companies Shopify and BigCommerce to handle logistics.

What's next: Later this summer, Facebook will launch Instagram Shop, a service that will allow the platform’s users to browse products from their favorite brands and creators in one tab.

• Eventually, Facebook plans to leverage its WhatsApp, Messenger and Instagram Direct apps to let consumers shop and make purchases while chatting directly with the businesses.

Market Links

• Susan Wojcicki courts TV advertisers (Reuters)

• Tim Cook builds an Apple TV+ back catalogue (Bloomberg)

• A.G. Sulzberger phases out third-party advertising (Axios)

• Alison Roman is placed on temporary leave (DailyBeast)

• Matt Lauer weighs in on Ronan Farrow (Guardian)

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New clique

Andreessen backs 'Clubhouse'

Valleyspeak: Clubhouse, the invite-only social media app "where venture capitalists have gathered to mingle with one another while they are quarantined in their homes," has gained backing from Marc Andreessen, NYT's Erin Griffith and Taylor Lorenz report.

• "Andreessen Horowitz agreed to put in $10 million, plus pay $2 million to buy shares from Clubhouse’s existing shareholders, said a person with knowledge of the funding."

The big picture: "The rush to invest in Clubhouse reflects the way Silicon Valley works. While cutting-edge technology and a change-the-world mission are paramount, much of the big money in recent decades has ultimately been made from addictive social media apps."

• Or, as Chamath Palihapitiya puts it...

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⚾ Sports report

Rob Manfred inches to return

Talk of TV Land: Major League Baseball is losing an estimated $75 million a day as it struggles to come up with a safe plan to start the season by July 4, according to a detailed new report from ESPN that examines the league's efforts to resume play.

• What the MLB is enduring now is "less a baseball season than a military-style operation in which any number of variables could derail the plan, or, worse, contribute to the spread of the deadly disease."

• The "dizzying array of moving parts" includes the cooperation of at least two dozen cities in the U.S. and Canada and the availability of more than 200,000 reliable coronavirus tests.

The big picture: Every day that baseball loses money, so too do its media partners. ESPN, an MLB broadcast partner, reported that the absence of live pro sports will mean a $12 billion cut in revenue and hundreds of thousands of jobs lost.

🎓 What's next: Graduation day. YouTube has announced that Beyoncé, Bill and Melinda Gates and Kevin Durant will join the Obamas, Sundar Pichai and dozens of other previously announced guests for its "Dear Class of 2020" virtual graduation event.

See you tomorrow.