| About a year or so into a market correction in podcasting, two stories are playing out simultaneously. On one side, the biggest names in the space have mostly remained unaffected by shrinking deals and show reductions. They're still commanding nine-figure paychecks for their programs and even finding new partners willing to work with them. Earlier this month, Spotify Technology SA re-upped its Joe Rogan Experience deal for a reported $250 million while SiriusXM Holdings Inc. picked up SmartLess for over $100 million. Now, two more buzzy podcasts have hit the market looking for similar offers. Alex Cooper is shopping her show, Call Her Daddy, and talking to companies who might be interested in capturing her young, female audience. She and her team are seeking a nine-figure deal, according to people familiar with the conversations. Meanwhile, two of the biggest sports podcasters – Travis and Jason Kelce – are also having conversations about a potential deal for New Heights. The show was already popular among football fans but got an extra boost last year when Travis went public with his romantic relationship with Taylor Swift. Industry executives believe the deal could go for eight figures. Representatives for both the Kelces and Cooper didn't respond to requests for comment. What's changed in podcasting since the last deal frenzy is a new air of conscientiousness around price and profitability. Rogan's deal was structured around a revenue-sharing component, for example. Dealmakers in the space say this is the future of the industry. Minimum guarantees, in which podcasters collect payments regardless of how well a show sells to advertisers, still exist, especially for these big deals. But companies are also more focused on ensuring that podcasters have an incentive to actively promote their shows and recruit advertisers. "If you see huge MG deals now, it's only happening because those specific shows have proven to be very profitable," said Jenna Weiss-Berman, executive vice president of podcasts at Audacy Inc. "The SmartLess and Joe Rogan deals did not surprise me or make me anxious at all. Those are almost definitely great deals for everyone involved, and those are the kinds of deals that people should be making – deals that are good for everyone on shows with audiences that we can see." Industry executives who have been bullish on podcasting's future point to these opportunities as a sign of vitality. However, an entirely different story is playing out for producers and employees at some of the biggest podcast networks. This week, the contracts at Spotify's Ringer and Gimlet unions expire, and the entities have been negotiating for weeks to reach a new agreement. The Ringer Union posted on X that they're seeking safeguards against artificial intelligence, stronger layoff and severance protections and fairer compensation. The Gimlet Union is seeking similar concessions. Both are unionized through the Writers Guild of America East, which previously secured detailed protections for writers against AI, and it seems the unions are looking to build off that momentum. Both contracts expire at the end of Thursday, and Gimlet employees have already signed a strike pledge if no new agreement is reached. "With mere hours left before our contract expires, we're still waiting for management to meet our final demands for a deal," the Ringer Union said in a statement. "We're prepared to do whatever it takes to get the contract we deserve." "Right now, Spotify is risking a strike over less than $50,000," said the Gimlet Union. "That equates to 0.0001% of the company's $50 billion market cap." Spotify declined to comment. So while the future feels as bright as ever for the industry's biggest shows, the prospects for smaller and mid-sized programs continues to feel uncertain, particularly to the rank-and-file employees making them. | 
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