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Spotify’s $200 million investment in The Joe Rogan Experience was a turning point. By making the world’s most popular podcast exclusive to its platform, Spotify admitted that music was becoming a commodity. The exclusive value lay in the spoken word. Similarly, Audible’s "Original" audiobooks have turned a utility app into a destination for narrative fiction.

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Exclusive content acts as a "walled garden." When a platform secures a high-profile series (think The Last of Us on Max) or a blockbuster game (like Spider-Man Spotify’s $200 million investment in The Joe Rogan

The relationship between and popular media is a paradox. To be truly popular, something must be widely accessible. Yet, to be profitable in the modern era, a piece of media must drive subscribers to a specific, exclusive platform. Yet, to be profitable in the modern era,

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