My hunch is that Spotify did pay $100 - 200 million for a multi-year license; the previous guesses about Joe’s annual podcast income were too high.

More likely: he was earning $10 million / year.

In that context, the Spotify deal makes sense.

https://www.reddit.com/r/JoeRogan/comments/6r6gnt/michael_bisping_on_joe_rogans_earnings_from/