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Joe Rogan’s $100 Million Spotify Deal

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Joe "podcast is moving to Spotify" Rogan made headlines recently when he announced that he has signed an exclusive deal with Spotify.

The multi-year deal is reportedly worth more than $100 million.

Within just 48 hours of the announcement, Spotify's market cap increased by nearly $4 billion, to it's highest point in nearly two years.

At the time of the announcement, Spotify's share price was around $169, with a market cap around $31BN. As of yesterday, their share price hit an all time high of over $195, with a market cap around $36BN.

Clearly, this is a big coup for Spotify, who have nabbed the biggest name in the podcast world and one of the biggest stars on YouTube.

His podcast is the number one podcast in the world and gets as many as 190 million downloads per month. In fact, he was Forbes highest-paid podcaster of 2019, raking in $30 million.

Of course, this had led to a discussion about the value of content, specifically the value assigned to music and longer form content like Rogan's podcast.

According to music writer Ted Gioia, a musician would need to generate 23 billion streams on Spotify to earn what they're paying Joe Rogan for his podcast rights.

It is important to understand the context here:

For every dollar in revenue the Spotify earns, it sends 65 cents straight to the record industry.

This caps Spotify's earnings potential, and means that it has a less robust business model than Netflix.

For example, if Netflix pays, say, $30 million to make a new season of Ozark, that cost doesn't increase if it attracts more eyeballs. Media Rights Capital, which produces the show, makes the same money from Netflix regardless of whether the audience is 5,000 or 5 million.

However, that is not the case with Spotify: costs rise with subscribers.

Every stream will see another slice of the listener's monthly subscription fee go to the record label.

Spotify has a gross margin of around 25%, whereas Netflix has a gross margin of around 38%.

Spotify has recently spent more than $600 million acquiring four podcasting firms, including the $250 million acquisition of Ringer earlier this year.

Therefore, for a capped cost, Spotify can attract new listeners and potential subscribers. Also, the more time listeners spend on podcasts, the less money Spotify gives to the record labels.

The deal has raised comparisons with Howard Stern and SiriusXM, which has made Stern a fortune.

In 2019 alone, Stern took home an estimated $93 million.

If video killed the radio star, did Spotify just kill the YouTube star?

Or is this a smart move on Rogan's part?

After all, it is expected that some clips will remain on YouTube for the casual algorithm viewers.

Rogan has previously been critical of YouTube's demonetisation policy and censorship on the platform.

Overall, Rogan is banking a guaranteed $100 million in an uncertain economic environment.

Although some have commented that he is sacrificing the scale provided by YouTube, he may well still have his clips channel on YouTube.

As well as this, he is licensing his podcast.

Therefore, if it fails, he has pocketed $100 million and can return to other platforms, thus generating more press.

If it succeeds, he has pocketed $100 million and will have more leverage in the next contract negotiations.

Now that's a win-win.

What are your thoughts on the move?

https://www.youtube.com/watch?v=TePsYC-RQQs

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Significant Activist Hedge Fund Activity (Last 7 Days)

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These are the latest Schedule 13D forms filed by activist investors in the last 7 days. Activist investors are investors that make an investment with the intention of influencing management in some way. There is evidence that following activist investors into investments can generate excess returns. Schedule 13G forms, in contrast, are filed by significant investors with no intention of influencing management (such as Index funds).

There is always a lot of interest in insider trades, but what a lot of people probably don't realize is that hedge fund activity is probably more predictive of future returns than insider activity. The reason is that hedge funds (a) have large research budgets, and (b) have a choice where to put their money. In contract, insiders have no choice where to put their money, but only when to time their transactions.

New Filings

This table lists new 13D filings in the last week. A new filing does not necessarily indicate a new position, as investors frequently accumulate in advance before reaching the filing threshold.

Date Form Company Investor Shares Ownership Change
05‑29 13D ATAO / Altair International Corp. EROP Capital LLC 50,636,022 9.9%
05‑28 13D NCLH / Norwegian Cruise Line Holdings Ltd LC9 Skipper, L.P. 33,119,840 11.4%
05‑28 13D BBW / Build-A-Bear Workshop, Inc. Avram Glazer Irrevocable Exempt Trust 1,120,736 7.38%
05‑28 13D NVNT / Novint Technologies, Inc. Congregation Ahavas Tzdokah Vchesed Inc. 61,722,996 30.5%
05‑27 13D GFY / Western Asset Variable Rate Strategic Fund Inc. Bulldog Investors, LLC 309,915 %
05‑27 13D NTP / Nam Tai Property Inc. ISZO CAPITAL LP 3,812,450 9.8% 48.48
05‑27 13D PKKW / Parkway Acquisition Corp STILWELL JOSEPH 306,358 5.1%
05‑27 13D ZMTP / Zoom Telephonics Inc. Palm Management (us) Llc 5.1%
05‑27 13D GEOS / Geospace Technologies Corp Nierenberg Investment Management Company, Inc. 699,240 5.1% 0.00
05‑27 13D FPAC / Far Point Acquisition Corporation Silver Lake (offshore) Aiv Gp Iii, Ltd. 9,487,500 15.0%
05‑26 13D BHR / Braemar Hotels & Resorts Inc. Auto Services Company, Inc. 2,014,461 5.9%
05‑26 13D AGTX / Agentix Corp. Stevens Scott B 2,188,070 57.4%
05‑22 13D CCO / Clear Channel Outdoor Holdings, Inc. ARES MANAGEMENT LLC 27,461,773 5.9%
05‑22 13D ASFI / Asta Funding, Inc. RBF Capital, LLC 583,198 8.8% 0.00
05‑22 13D 078771300 / BELLEROPHON THERAPEUTICS INC Puissance Life Science Opportunities Fund Vi 1,207,173 13.1%

Amended Filings

This table lists amended filings in the last week, and is useful for monitoring changes in existing investments or when a fund closes a position. I have eliminated all filings with less than a 5% change in ownership.

Date Form Company Investor Shares Ownership Change
05‑29 13D/A WYY / WidePoint Corp. Nokomis Capital, L.L.C. 8,378,081 9.9% -19.51
05‑29 13D/A TESS / Tessco Technologies, Inc. Lakeview Investment Group & Trading Co LLC 697,324 8.2% 18.84
05‑28 13D/A TMBR / Timber Pharmaceuticals, Inc. TardiMed Sciences LLC 5,666,152 47.7%
05‑28 13D/A AVID / Avid Technology, Inc. Impactive Capital Lp 5,089,117 11.6%
05‑28 13D/A OXLCO / Oxford Lane Capital Corp. Karpus Management, Inc. 1,635,743 18.57% -9.81
05‑28 13D/A SENS / Senseonics Holdings, Inc. NEW ENTERPRISE ASSOCIATES 10 L P 26,009,686 11.9% -8.46
05‑27 13D/A BIF / Boulder Growth & Income Fund, Inc. ERNEST HOREJSI TRUST NO 1B 45,344,694 44.9% 179.58
05‑27 13D/A ETM / Entercom Communications Corp. FIELD JOSEPH M 17,694,496 12.8% 11.30
05‑27 13D/A OVID / Ovid Therapeutics Inc. Tls Advisors Llc 2,489,415 4.55% -26.61
05‑27 13D/A 00653Q102 / AdaptHealth Corp. BlueMountain Capital Management, LLC 3,647,353 8.0%
05‑27 13D/A ZMTP / Zoom Telephonics Inc. Hitchcock Jeremy P. 4,602,321 21.5% 20.79
05‑27 13D/A VXRT / Vaxart, Inc ARMISTICE CAPITAL, LLC 8,400,000 11.3% -19.29
05‑27 13D/A ALSK / Alaska Communications Systems Group, Inc. AEGIS FINANCIAL CORP 2,433,941 4.54% -21.86
05‑27 13D/A AGYS / Agilysys, Inc. MAK CAPITAL ONE LLC 4,133,991 16.3% 59.80
05‑26 13D/A TPTX / Turning Point Therapeutics, Inc. GLAXOSMITHKLINE PLC 2,268,660 5.5% -17.91
05‑26 13D/A HLI / Houlihan Lokey, Inc. HL VOTING TRUST 18,524,533 27.09% -7.73
05‑26 13D/A CLCN / Creative Learning Corp. Furlow Blake 2,301,239 17.5%
05‑26 13D/A LVGO / Livongo Health, Inc. Gc Venture Lh, Llc 20,499,185 20.96% -16.16
05‑26 13D/A EVFM / Evofem Biosciences, Inc. Pdl Biopharma, Inc. 3,333,334 6.3% -81.14
05‑26 13D/A SCPH / scPharmaceuticals Inc. ORBIMED ADVISORS LLC 4,797,148 17.9% 9.82
05‑26 13D/A SOY / SunOpta Inc Engaged Capital LLC 15,731,907 16.5% 5.77
05‑26 13D/A CWBC / Community West Bancshares PEEPLES WILLIAM R 811,298 9.6%
05‑26 13D/A PALT / Paltalk, Inc. Lerner Clifford 682,139 9.9%
05‑26 13D/A AGTX / Agentix Corp. Winterhalter Michael 150,000 5.8%
05‑26 13D/A NVNT / Novint Technologies, Inc. Christoff Ryan 11,142,857 5.5%
05‑26 13D/A KRTX / Karuna Therapeutics, Inc. Puretech Health Llc 4,739,897 18.1% -11.27
05‑23 13D/A FND / Floor & Decor Holdings, Inc. Ares Corporate Opportunities Fund Iii Lp 8,724,262 8.5% -34.11
05‑23 13D/A FND / Floor & Decor Holdings, Inc. Fs Equity Partners Vi, L.p. 8,724,262 8.5% -34.11
05‑22 13D/A GPX / GP Strategies Corp. Cove Street Capital, LLC 2,681,735 15.62% 10.08
05‑22 13D/A ALLK / Allakos Inc. Rivervest Venture Fund Iii, L.p. 5,791,572 11.9% -33.15
05‑22 13D/A H / Hyatt Hotels Corp. 1922 Trust Co LTA 4,130,521 4.1%
05‑22 13D/A ARCT / Arcturus Therapeutics Ltd. Ultragenyx Pharmaceutical Inc. 3,000,000 14.6%
05‑22 13D/A ELST / Electronic Systems Technology, Inc. EDCO PARTNERS LLLP 1,678,500 33.9% 25.56
05‑22 13D/A TPTX / Turning Point Therapeutics, Inc. ORBIMED ADVISORS LLC 2,027,550 4.9% -24.62
05‑22 13D/A ASND / Ascendis Pharma AS ORBIMED ADVISORS LLC 2,083,713 4.3% -17.31
05‑22 13D/A ALRM / Alarm.com Holdings, Inc. TCV VII LP 547,170 1.1% -91.27
05‑22 13D/A CBB / Cincinnati Bell, Inc. GAMCO INVESTORS, INC. ET AL 1,230,614 2.43% -12.27
05‑22 13D/A SPCE / Virgin Galactic Holdings, Inc. Vieco 10 Ltd 89,790,438 42.7% -19.89
05‑22 13D/A FTV / Fortive Corporation RALES STEVEN M 16,620,210 4.9% -20.97
05‑22 13D/A CREX / Creative Realities, Inc. Horton Capital Partners, LLC 497,006 4.99% -43.30
05‑22 13D/A APAM / Artisan Partners Asset Management Inc. Colson Eric R 11,790,533 17.7% -6.35
05‑22 13D/A MOD / Modine Manufacturing Co. GAMCO INVESTORS, INC. ET AL 1,406,480 2.77% -17.56
05‑22 13D/A EGLT / Egalet Corporation Capital Royalty L.p. 0 0.0% -100.00
05‑22 13D/A LYL / Dragon Victory International Limited Cyn Cherish Capital Ltd 442,524 3.875% -76.39
05‑22 13D/A FXNC / First National Corp. WILKINS III JAMES R 395,449 8.2%
05‑22 13D/A AHPH / ALLIED HEALTHCARE PRODUCTS INC Weil John D 659,355 16.4% -48.26
05‑22 13D/A ANCN / Anchiano Therapeutics Ltd. Palisade Medical Equity I, Lp 1,848,200 4.98% -64.43
05‑22 13D/A GMDA / Gamida Cell Ltd. Ai Gamida Holdings Llc 9,903,600 20.93% -22.40
05‑22 13D/A WYY / WidePoint Corp. Nokomis Capital, L.L.C. 10,329,522 12.3% -20.13
05‑22 13D/A CRK / Comstock Resources, Inc. Covey Park Holdings Llc 167,404,429 72.2% -20.31
05‑22 13D/A 078771300 / BELLEROPHON THERAPEUTICS INC Puissance Cross-border Opportunities Iii Llc 53,327 0.9%
05‑22 13D/A GPAC / Global Partner Acquisition Corp. Coliseum Capital Management, LLC 16,956,602 41.0% -37.02
05‑22 13D/A 03836J102 / Aprea Therapeutics Inc 5am Ventures Iv, L.p. 2,597,653 12.3%

Source: Fintel.io/activists

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This Top TSX Gold Stock Is a Great Long-Term Investment

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There is no question this economic environment is ideal for gold prices and, therefore, TSX gold stocks. However, some gold stocks are so strong, investors can buy the stocks knowing they are great long-term investments.

Gold is something investors should always have at least a small portion of their portfolio exposed to. And in times of uncertainty, when a safe-haven asset is demanded, that’s when investors should be increasing their exposure to gold.

Today’s environment is precisely that. The uncertainty in both financial markets and economies makes a safe-haven asset like gold one of the most attractive assets to be increasing exposure to.

TSX gold stocks today

The economic environment around the world has been dire since the coronavirus pandemic hit. With no vaccine and little knowledge of the deadly disease, governments had to act quickly to protect their countries, enacting measures that have decimated economies.

Then, to deal with the economic consequences, massive fiscal and monetary stimulus has taken place around the world.

While this stimulus was needed and warranted, it doesn’t take away from the fact that central banks are printing money and governments are issuing new debt at unprecedented levels.

All of these conditions are creating the perfect storm for gold prices to rise. Some analysts even think that gold could skyrocket to $3,000.

Gold prices have been gaining momentum going back to December of 2018. In those 17 months since, prices have increased roughly 40%, an extremely rapid pace for gold.

And when you consider that the environment today is even more favourable than it was in 2018 and 2019, increasing exposure to gold investments is a no-brainer.

Top TSX gold stock to buy

Any time the price of gold is rising significantly, gold stocks will see a major positive effect. Since December 2018, the iShares S&P/TSX Global Gold Index ETF is up roughly 100% and more than double the pace of gold.

One stock that makes up 20% of the fund is the massive gold producer Barrick Gold (TSX:ABX)(NYSE:GOLD).

Barrick, a $60 billion company, is one of the world’s largest gold producers and an investor favourite in the gold industry.

The company is one of the best in the business, and, with its massive global diversification, it’s a stock you can hold for the long term.

In the first quarter, Barrick produced incredible results. The average realized gold price was $1,589 — a 22% increase from the same quarter in 2019.

That increase in gold price drove a 30% increase in revenue and a roughly 50% increase in operating and net income.

And when you consider that the average realized price in the quarter is nearly 10% below where gold is today, it’s clear this company is going to have a strong period of performance over the near term.

One of the reasons Barrick is so attractive today is the focus management has had on cutting costs and increasing shareholder value.

In the first quarter, the company produced nearly 1.25 million ounces and had all in sales costs of just $950 an ounce.

So, it’s no wonder why Barrick, the top TSX gold stock, is so profitable in the current environment and will continue to increase its profitability as gold prices rise.

Bottom line

Barrick’s solid operations and high-quality management team makes it one of the top gold stocks on the TSX.

It even pays a dividend that yields more than 1%. While this isn’t going to make or break your investment, it demonstrates management’s willingness to return capital to shareholders.

If you are underweight gold or need some resiliency in your portfolio, I would seriously consider adding a position in Barrick Gold today.

As we approach a new month, check out some of the other top stocks to buy besides Barrick.

The 10 Best Stocks to Buy This Month

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Fool contributor Daniel Da Costa has no position in any of the stocks mentioned.

The post This Top TSX Gold Stock Is a Great Long-Term Investment appeared first on The Motley Fool Canada.



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How to Grow Your Small Businesses

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Once you have established your business, the next step is to think of how you can grow it. Growth may not happen overnight, but it will surely happen if you take the right steps and are consistent with your efforts. Consider the following tips for growing a small business.

Work On a Strong Online Presence

Most searches for both goods and service providers are done online. Thus, as a small business owner, it will work to your advantage if you establish a strong online presence. Make sure you are listed on search directories, write about your products so people can easily find them, and consider setting up an online store. You don’t have to open an e-commerce store if you don’t have many products. You can just use some e-commerce plugins on your website. As you are doing all these, remember to do some keyword research so as to find the exact words customers are using to search for your goods and services. If you don’t have the expertise, consider hiring someone who is an expert in areas such as social media, copywriting, and SEO services.

Think of New Business

Introducing new products and services, or expanding your market, are two more steps you can take to grow your business. Be on the lookout for new customer needs that you can solve. Check if there is a new market you haven’t explored and find ways to tap into it. When you sell more products and make sales to more people, your profits will grow. However, make sure you test the viability of every new venture before investing your money to avoid losses.

Get the Right Services

As a small business owner, you need to purchase a number of services. Examples include utilities, insurance, software, marketing, and accounting. The key is to get the right services from a reputable service provider. For instance, for something like business insurance, you need a package that will cover your risks from a provider who will not let you down when you submit your claims. As outlined on The Hartford, some key examples of business insurance you can take to cover risks include commercial property insurance, general liability insurance, workers’ compensation insurance, commercial auto insurance, and data breach insurance. The Hartford is a company that provides a wide range of insurance solutions for small businesses.

When it comes to software, choose affordable solutions that are effective and efficient. Reputation is an important consideration when making a decision. With the right solutions, your operations will run smoothly, and growth will not be hampered.

Offer Exceptional Customer Service

Great customer service can give you two key benefits; one, customer retention, and two referrals. When your customers are satisfied, their chances of going elsewhere reduce. They can also share their satisfaction with others, and this leads to more business. Thus, as you work on other business processes, don’t forget to work on your customer service.

Keep reviewing everything you are doing and make changes if you don’t get the desired results. And, when you start to see some significant growth, don’t stop. Make the efforts continual if you want the results to be continual.

The post How to Grow Your Small Businesses appeared first on Wall Street Survivor.



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