YouTube is set to lose one of the biggest names in the podcast universe as Joe Rogan, host of "The Joe Roan Experience," will become exclusive to Spotify Technology SA (NYSE: SPOT).
What Happened To The Joe Rogan Experience
Rogan is a comedian and mixed martial arts color commentator but perhaps best known for his podcasts. The Verge first reported his podcast will move away from Alphabet Inc's (NASDAQ: GOOG) (NASDAQ: GOOGL) YouTube platform on Sept. 1 and anyone with a free Spotify account will be able to listen to complete episodes.
Rogan's YouTube page will remain active with clips and other content that would promote Rogan's new home on Spotify.
The entire library of episodes will also be available on Spotify on Sept. 1 and will be removed from all other platforms by the end of 2020, Rogan said in a video update.
Dow Jones reported the deal was worth around $100 million.
Why It's Important For Spotify
Poaching Rogan represents a "massive" victory for Spotify. Other big names under Spotify's umbrella include Joe Budden and Amy Schumer. On the other side of the deal, YouTube will take a "major hit" losing one of the biggest podcast stars on its platform.
Rogan said in his update the show format won't change and he will not be considered "an employee of Spotify."
"We are going to be working with the same crew doing the exact same show," he said. "The only difference will be it will now be available on the largest audio platform in the world. Nothing else will change."
Spotify's stock spiked higher on the news and closed the session up 8.4% at $175 per share.