Spotify Technology (NYSE:SPOT) signed an exclusive sponsorship with Riot Game’s “League of Legends." Spotify will be the exclusive audio service provider for all LOL content.
What You Need To Know: According to Variety, Spotify signed its first global paid sponsorship deal to gain access to the huge fan base of "League of Legends." The multi-year sponsorship will center heavily on content on around the League of Legends World Championship in Shanghai, China (Sept. 25 to Oct. 31).
A nine-part podcast called “Untold Stories: Top Moments From Worlds” will be featured on Spotify along with playlists and a look at the new world anthem for the championship.
Why It’s Important: Last year’s League of Legends World Championship had 21.8 million average viewers. Spotify will get banner placement during LOL broadcasts. On Spotify, LOL’s tracks are listened to 5 million times a month.
Spotify has been focusing on growing its podcast business. The company has 299 million monthly active users and 138 million premium subscribers. In the second quarter, 21% of MAUs listened to podcasts.
What’s Next: Spotify will launch “The Joe Rogan Experience” podcast as a platform exclusive in September. The company is forecasting having 328 million to 348 million MAUs by the end of the fiscal year.