Podcaster Alexandra Cooper (Julien de Rosa / Getty Images)

Nine-figure podcast deals are back. Will it go any better this time?

SiriusXM is betting big on a new podcasting business model.

8/22/24 2:45PM

You might recall Spotify’s podcasting over $1 billion spending spree in 2019 and 2020, including paying $400 million for Parcast, Gimlet Media, and Anchor, at least $200 million for exclusive rights to “The Joe Rogan Experience,” close to $200 million for Bill Simmons’ “The Ringer,” $60 million for Alex Cooper’s “Call Her Daddy,” and $20 million for Prince Harry and Megan Markle.

You might also remember that Spotify reversed course soon after, laying off 200 people from its podcast unit (2% of the total company) as its podcast bet continued to weigh on the company’s bottom line in 2023. However, it appears that a new competitor has taken Spotify’s place as the provider of nine-figure podcasting contracts: SiriusXM. From Bloomberg:

Sirius XM Holdings Inc. signed a multiyear deal for Alex Cooper’s Call Her Daddy podcast and network of shows that will give the satellite radio company the exclusive right to sell ads on the audio and video versions of her show, as well as bonus content and events.
The agreement is worth $100 million for more than three years, according to a person familiar with the arrangement.

An interesting wrinkle in this deal, per Variety, is that this deal isn’t exclusive to a Sirius-owned platform, and Call Her Daddy will still be published on other platforms such as Spotify. This isn’t Sirius’s first time structuring a deal like this. In January, the satellite radio giant paid $100 million for the exclusive rights to “SmartLess,” a podcast hosted by Jason Bateman, Sean Hayes, and Will Arnett, and three weeks, ago, a press release from SiriusXM gave us a preview of what the company is looking to do with its podcasts (emphasis ours):

SiriusXM today announced SiriusXM Podcasts+, a new subscription available directly in Apple Podcasts that will deliver a seamless, premium listening experience for some of the biggest shows on the SiriusXM Podcast Network. Beginning August 5, SiriusXM Podcasts+ will provide subscribers to the new service in the U.S., Canada, and over 50 other countries with ad-free listening to new episodes, exclusive bonus content, and early access to new episodes of popular shows. Many of these benefits will also be available to existing SiriusXM subscribers directly through the SiriusXM app.

While Spotify’s initial plan with its exclusive deals was to steal market share from other podcasting platforms, it looks like SiriusXM’s game plan for monetizing these deals is to 1) leverage the advertising rights of popular shows across multiple podcasting platforms and 2) entice listeners to pay for a subscription by offering additional content and early access to their favorite shows. The first point, in particular, makes far more sense than locking a popular show on one platform. According to a report published by Cumulus Media and Signal Hill Insights, YouTube was the podcast market leader with 24.2% of listens/watches in April 2022, followed by Spotify with 23.8%, and Apple with 16%. Opening your platform potentially quadruples your total addressable audience, and Spotify came to this realization as well, expanding the terms of its newest deal with Joe Rogan allowing him to publish on multiple platforms.

Instead of copying Spotify’s 2020 failed attempt to keep its podcasts on platform, it appears that Sirius is acquiring the advertising and distribution rights of several popular podcasts, without platform restrictions, to achieve better economies of scale with its advertising business. I have my doubts about the SiriusXM Podcasts+ conversion rate (will exclusive content from Joel Osteen really convince more “SmartLess” listeners to pay $5.99 a month? I just don’t see the synergies there.), but I do think this is a much-preferred setup for the advertising business.

For what it’s worth, Warren Buffett appears to be bullish on the business. Last quarter, Berkshire Hathaway purchased 94 million shares of the company, making SiriusXM his biggest increase of the period.

Max Knoblauch6/15/26

Electronic Arts launches a platform to put more ads in its games

Video game publishing giant EA launched a new platform on Monday designed to make the process of selling immersive ad space in its popular games easier.

The company says the platform, called EA Advertising, allows brands to “integrate directly into gameplay through dynamic, real-time placements, from stadium signage to custom in-game content.”

More so than other studios, EA has incorporated advertising into its most popular titles. As Kotaku points out, the company’s ad efforts stretch as far back as 2006. Several of its sports franchises already feature partnerships with brands like Visa, Lowe’s, Red Bull, and PepsiCo.

In-game advertising hasn’t exactly been embraced by fans, but industry experts expect it to ramp up as companies seek more revenue to offset higher games budgets and surging memory costs. EA rival Take-Two has taken a different approach, with CEO Strauss Zelnick recently saying the company was “not at risk of doing brand partnerships” in the forthcoming “Grand Theft Auto VI,” and that ads in full-price games seems “unfair.”

The $55 billion deal to take EA private, led by Saudi Arabia’s Public Investment Fund, is set to close at the end of this month. Being the largest leveraged buyout in history, EA will likely look for more ways to boost revenue to cover interest payments.

Electronic Arts Makes Push for Ad Dollars Tied to Sports

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JM Smucker says it sold $1 billion worth of Uncrustables in FY2026

After years of booming sandwich sales, JM Smucker has finally earned a billion-dollar crust.

On Tuesday, the company reported results for fiscal year 2026, highlighting better-than-expected profits driven by higher prices for coffee and sweet baked goods. However, at another point on the earnings call, CEO Mark Smucker pointed to one particularly jammy figure: in line with previous forecasts, the company sold $1 billion worth of its (almost always) crustless sandwiches, Uncrustables, in the last year alone.

Max Knoblauch6/8/26

Paramount reportedly offers concessions to resolve multistate antitrust investigation

Paramount has reportedly offered up some concessions in an effort to prevent an antitrust lawsuit by California and about 10 other states, according to Bloomberg reporting on Monday.

Reuters first reported on the potential suit from a group of unnamed states last week, which could throw a wrench in Paramount’s plans to buy rival Warner Bros. Discovery in a Hollywood megamerger.

The list of concessions is unknown, though Bloomberg previously reported that Paramount is open to divesting some of its kids TV assets to appease EU regulators.

Late last month, reports said US regulators appeared likely to approve the $110 billion merger, following a meeting between Paramount CEO David Ellison and DOJ antitrust staffers.

Paramount Offers Concessions to Head Off State Antitrust Lawsuit

The list of concessions is unknown, though Bloomberg previously reported that Paramount is open to divesting some of its kids TV assets to appease EU regulators.

Late last month, reports said US regulators appeared likely to approve the $110 billion merger, following a meeting between Paramount CEO David Ellison and DOJ antitrust staffers.

$98B ⛽

Max Knoblauch6/8/26

The IATA released its latest financial outlook for the airline industry over the weekend, forecasting a $98 billion jump in the sector’s collective fuel bill. The world’s largest trade group representing airlines expects the oil spike to halve profits by 49% from last year to $23 billion.

The group also expects profit margins to halve year over year, falling from 2025’s 4.2% to 2%. Still, revenue is expected to climb to $1.17 trillion from $1.07 trillion.

A surge in the cost of jet fuel has rocked US and global airlines this year, leading Delta Air Lines, United Airlines, American Airlines, Southwest Airlines, JetBlue, and others to raise fares and ancillary charges like bag fees. Low-cost carriers, which operate on smaller margins, have been squeezed the hardest, resulting in Spirit’s shutdown.

“It’s a tough year for all airlines, especially those whose balance sheets had not yet recovered from COVID. And, of course, for those operating in the Gulf,” said IATA Director General Willie Walsh, who added that demand is holding up and about half of passengers expect to spend more on travel this year. “That bodes well for a strong northern summer peak season. The big unknown is how long travelers and shippers can tolerate the higher costs of connectivity.”

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