Major Deal between Spotify and Chernin

Spotify, the popular Swedish music streaming and media services provider has recently acquired podcast firms such as Gimlet and The Ringer. It also owns the anchor, a podcasting tool. Chernin Entertainment is now looking for new IP sources. This attractive IP content can be turned into TV shows, movies, and other forms of digital entertainment.

An agreement has been arrived at between Spotify and Chernin Entertainment. Chernin can now select podcasts from Spotify’s library and adapt them into TV shows and movies. Spotify’s collection series run into the content of several thousands of hours. These are from more than 250 original podcast series from Spotify. Spotify has bought several production companies. This gives it access to talent who can work on adaptations.

With this move, Chernin has access to a huge library of Spotify podcasts from around the world. Spotify boasts of one of the biggest audio unattached IP in the world. Its content is diverse and varied. Spotify allows podcasters to track and analyze their performance data using the Spotify for Podcasters service. Spotify can put this tool to use and collect audience data on their adaptations now.

An adaption of the podcast series ‘The Clearing’ is already on the way. It is based on a serial killer Edward Wayne Edwards. An apocalyptical series ‘Blackout’ has also been developed into a TV project. Chernin has famous movies like ‘The Planet of the Apes’ trilogy, ‘The Greatest Showman’ and ‘Truth be Told’ under its banner. The upcoming Spotify adaptations include ‘The Two Princes’ for HBO Max, ‘Homecoming’, and ‘The Honor of Dolores Reach’ for Amazon Prime.

The Chief Content and Advertising Business Officer of Spotify Dawn Ostroff expressed the exhilaration that the company was feeling to collaborate with Peter Chernin and his team. He believed that their partnership could provide world audiences with captivating stories. Peter Chernin remarked on the fact that in the entertainment business, Audio was among the fastest-growing mediums.

This partnership between Spotify and Chernin heralds the era where podcasts are the new source material and foundational intellectual property (IP). It will attract talented creators. Podcasts are not as expensive to make as TV shows and a production house can check the story’s worth before choosing to fund an expensive screen production.

As per the deal with Chernin Entertainment, there is no commitment on the number of podcasts being made into video projects. There is no clause inhibiting working on those programs not taken up by Chernin with other production companies. The monetary terms of the agreement or revenue-sharing details have not been disclosed.