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Spotify is not renewing its podcast contract with former President Barack Obama and former First Lady Michelle Obama, which expires this year, Bloomberg reports.
The Obamas’ production company, Higher Ground, is reportedly seeking a multimillion-dollar contract with Amazon’s Audible and iHeartMedia, but is having a hard time shopping the podcast.
The Obamas are estimated to have a net worth of more than $240 million. Upon their leaving office, Penguin Random House’s Crown Publishing Group awarded the Obamas a joint $65 million advance for their respective memoirs.
Today, six years later, the Obamas may not be in such demand, Bloomberg reports, saying that the power couple has clashed with Spotify over their air time and lack of syndication rights.
The Obamas want to air several shows at once on multiple streaming services. In recent years, leading streaming services, such as Netflix, have sought out or produced exclusive programs with a minimum of a dozen segments. The Obamas reportedly offered Spotify a limited-edition, eight-part series.
One of Barack Obama’s most popular Spotify podcasts was with Bruce Springsteen, called “Renegades: Born in the USA.” Read more at Newsmax.