Spotify investors love exclusive content

Wall Street has applauded Spotify’s charge into podcasting — and the streaming service’s stable of formidable talent is only growing.

See here: Spotify has announced an exclusive partnership with Archewell Audio, a new audio production company founded by the Duke and Duchess of Sussex.

Prince Harry and Meghan Markle are just the latest on a list of high-profile names to have inked a Spotify deal. Kim Kardashian West signed an exclusive deal with Spotify in June. Michelle Obama debuted “The Michelle Obama Podcast” on the service in July. And “The Joe Rogan Experience,” one of the most popular podcasts in the world, can no longer be found anywhere else.

The strategy: Dawn Ostroff, Spotify’s chief content and advertising business officer, told CNN Business last year that the company was planning to offer more exclusives as a way to lure customers from the other platforms. Spotify now has 320 million monthly active users, a 29% rise in the past year.

Investors like what they see. The company’s shares have jumped 12% since the beginning of this month after rallying 2% on Tuesday. They’ve risen nearly 120% this year.

JPMorgan analyst Doug Anmuth cites podcasts as a driver of engagement for Spotify moving forward. He thinks that the service could have 520 million users in 2023, including 245 million people who pay for the premium option.