"The Spotify (NYSE:SPOT) share price has increased more than 60% since mid-May, adding more than US$15bn to its market capitalisation. The rally started after the company announced a multi-year exclusive licencing deal with Joe Rogan, one of the most popular podcast interviewers in the world. Since then, Spotify has announced additional exclusive contracts with Kim Kardashian and Barack Obama. While that may seem like a lot of value to attribute to a couple of celebrity podcasts, it's further evidence that Spotify is building a moat around its business. Prior to these investments, Spotify announced that 19% of users listened to podcasts in the first quarter of 2020, up from just 5% of users two quarters prior. That's an additional 20 million people that started listening to podcasts on Spotify in a six month period. The stock is becoming more popular than Kim Kardashian herself."