Spotify (SPOT) - Get Report shares on Thursday were rising faster than a speeding bullet after the streaming giant announced a multiyear partnership with AT&T's (T) - Get Report Warner Bros. and DC Entertainment.
Shares of the Stockholm streaming giant were at last check up 12% to $224.15, while AT&T was off slightly to $30.20.
The agreement calls for Warner Bros. and its DC unit to produce an original slate of narrative scripted podcasts and distribute them exclusively on Spotify.
Terms weren't disclosed.
Spotify will get first-look rights to original scripted narrative DC podcasts based on such characters as Superman, Batman, Wonder Woman and the Joker, the company said in a statement.
Warner Bros. will develop original scripted podcast series based on other properties, such as Looney Tunes and Warner Bros-TV-produced shows like "Supernatural," as well as original podcast projects unrelated to WB's existing intellectual property, Variety reported.
"As we continue to see explosive growth in podcasting around the world, we are thrilled to partner with Warner Bros. to build this slate of programming drawn from the worlds of DC and WB,” Dawn Ostroff, Spotify’s chief content and advertising business officer, said in a statement.
In addition to Warner Bros. and DC, Spotify signed an exclusive deal with Kim Kardashian to co-host and co-produce a podcast focusing on criminal justice reform with TV producer Lori Rothschild Ansaldi.
President Barack Obama and Michelle Obama also had an agreement with the company. And last month, Spotify inked a deal with podcaster Joe Rogan, host of "The Joe Rogan Experience," whereby Rogan will take his show to Spotify on Sept. 1.
Spotify provides access to more than 50 million songs and other audio tracks, including more than 1 million podcast titles.
As of the first quarter of 2020, Spotify had 286 million users, including 130 million Spotify Premium subscribers, Variety said.
The company launched 78 original podcasts in the first quarter.