Technology
Spotify made an arrangement to convert its exclusive podcasts into TV shows and movies.
Spotify is seeking to turn more of its original podcasts into TV shows and movies. The business today announced a collaboration with Chernin Entertainment, the production company behind Ford v Ferrari, Secret Figures and New Girl, to produce TV and movie pitches focused on Spotify-exclusive and original podcasts. The "first look" relationship ensures that Chernin will get the first dibs on the production of pitches around Spotify IP. Spotify claims that its catalogue currently consists of more than 250 original shows from which Chernin will initially work.
Spotify has one of the largest unattached IP libraries in the world today, and that library is being added daily, Chernin said in a prepared statement.
This treasure trove of content plus the acceleration of new voices and stories offers an immense opportunity to turn these addictive stories and the IP into screen content.
Moving podcasts into movies and shows has already proved to be a potential moneymaker for businesses. Chernin, Spotify, and Pineapple Street Media are already working on the TV adaptation of The Clearing, and Gimlet Media, now owned by Spotify, has also converted its Homecoming show into an original Prime Video series.
Podcasts are cheaper and simpler to produce than TV shows and can prove the importance of a story before studios commit to financing costly on-screen production. Even movie stars, including Rami Malek, are appearing in imaginary podcasts, setting themselves up to be audio stars with the ability to be part of the visual adaptation of their film.
Spotify 's relationship with Chernin ensures that a reputable production company is primed, searching for ways to draw on the company's catalog without Spotify needing to work in Hollywood.
