Spotify stock surges after landing podcast deals with Kim Kardashian, DC
Spotify Technology SA shares [S: SPOT] are up more than 12% in Thursday trading amid optimism for a series of podcast deals. The company announced Tuesday that it was partnering with Warner Bros. and DC to create and distribute exclusive narrative podcasts focused on the DC universe. "In addition to producing narratives based on existing characters and franchises from across Warner Bros. and DC, the two entities will also collaborate with Spotify to create new programming from original intellectual property," Spotify said in a blog post. The Wall Street Journal reported late Wednesday that the company had also reached a deal with Kim Kardashian West for a podcast focused on criminal-justice issues. Spotify is deepening its involvement in podcasts and agreed to purchase sports-content brand The Ringer earlier this year in an attempt to build out its sports vertical. Spotify shares are up 86% over the past three months as the S&P 500 has added 30%.
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