Why Is Spotify Saying Goodbye to Award-Winning Podcasts? Inside the Strategic Shift

Spotify Technology SA SPOT is discontinuing two critically acclaimed podcasts, Heavyweight and Stolen, to scale back its in-house productions. 

The company announced on Monday that these podcasts will finish their current seasons, and the producers will then be free to offer the shows to other platforms.

Spotify expressed pride in the teams behind these shows and committed to assisting the creators in transitioning the series to new venues, Bloomberg reports. 

Also Read: Google Podcasts To Sunset in 2024, YouTube Music Rises As Podcasting Hub

Both podcasts originated from Spotify's Gimlet Media studio. Heavyweight, hosted by Jonathan Goldstein, focuses on helping guests address emotional burdens. 

Stolen, hosted by Connie Walker, has narrated stories about Indigenous people across two seasons, with its latest season on Canada's residential schools for Indigenous people receiving a Pulitzer Prize and a Peabody Award and the New York Times recently named Heavyweight as the best podcast of 2023.

This decision coincides with Spotify's recent job cuts on Monday, affecting 17% of its workforce, approximately 1,500 people. These cuts are part of a series of reductions initiated since October 2022.

Spotify is now concentrating more on licensed, year-round shows like The Joe Rogan Experience and Anything Goes With Emma Chamberlain, moving away from its initial heavy investment in podcasting, which exceeded $1 billion.

The stock has gained 143.4% year-to-date.

Price action: SPOT shares closed higher by 2.65% at $199.32 on Tuesday.