podcasts, it's advertising. then we have the head of spotify, daniel ek, saying, in hindsight, i probably got a bit carried away and overinvested relative to the uncertainty we saw shaping up in the market. and then also this week, we have louis theroux announcing a new podcast with spotify. so it's all going on and you could well be asking, what is going on? let's try and find out. nick hilton's a podcast industry analyst. he runs the production company poddo. nick, great to have you with us on the media show. help me out here. i'm trying to piece together what what's coming out of spotify. it's requiring a bit of tea leaf reading. we're not exactly sure. and obviously, no billion multi—billion dollar company tells people exactly what's going on in its business strategy. but the sense is that spotify has invested so heavily in podcasting. big bet, as you say, $1 billion bet. there have been some successes. i thinkjoe rogan�*s move to spotify has been a tangible success in terms of giving it that market dominant position. others, like the harry
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