Spotify (NYSE: SPOT) is expanding its media empire.
The popular streaming platform announced on Wednesday the upcoming launch of an exclusive podcast hosted by Michelle Obama. The show will debut on July 29.
As of 1:30 p.m. EDT, Spotify stock was up 5% on the news.
Spotify struck a partnership with former President Barack Obama and first lady Michelle Obama's production company, Higher Ground, in June 2019. The Obamas agreed to help produce podcasts that would be exclusive to Spotify's platform. The Michelle Obama Podcast will be the first of these shows.
Michelle Obama will help to introduce Spotify to her millions of fans. The streaming platform already has nearly 300 million free and paid users worldwide.
"My hope is that this series can be a place to explore meaningful topics together and sort through so many of the questions we're all trying to answer in our own lives," Michelle Obama said in a press release.
Spotify is spending heavily to acquire exclusive content as a means to differentiate itself from its streaming competitors, such as Apple and Amazon. Rogan alone will reportedly earn more than $100 million.
It's a risky strategy, but so far it appears to be working. Spotify's total monthly active users and premium subscribers both increased by 31% year over year, to 286 million and 130 million, respectively, in the first quarter.
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