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Episode 048: Joe Budden and Spotify: A Contract Case Study in knowing your Worth

Unspoken Terms

Release Date: 10/22/2020

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About Our Host

 

Casey Handy-Smith is a contract law attorney who helps influencers and creative entrepreneurs who struggle with navigating the legal side of their online businesses and brands. Over the past 6 years, Casey has helped creatives negotiate fair deals while protecting and leveraging their creative assets with ironclad contracts. Beyond her work with 1-on-1 with clients, Casey also provides DIY contract templates for entrepreneurs needing instant clarity and confidence to legally protect their businesses.

 

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3 Key Takeaways

 

1. Never negotiate a contract in a vacuum! In this case, Joe Budden is doing what we should all do.

 

2. Know your rights! Budden has issues with not being paid money he thought he would get, in consideration of the way his podcast ended up performing.

 

3. Know your worth and don’t be afraid to walk away. While some think that Budden is using the threats as a negotiation tactic, I suggest not being afraid to walk away if those tactics don’t work.

 

Related Articles

 

http://www.insideradio.com/podcastnewsdaily/joe-budden-says-money-is-why-he-s-ending-his-spotify-deal/article_acaf047e-e883-11ea-92a4-9315f4ee38a2.html

 

Show Notes

 

[5:50] – Background of the Situation

 

  • Joe Budden is ending his exclusive deal with Spotify in a very public way as the podcaster, which has ponied up hundreds of millions of dollars to expand in the business, is now being accused of putting a lowball offer on the table. The one-time rapper turned podcast host used his latest episode to announce that his arrangement with the company ends next month, after which he will become a free agent. “I cannot tell you where this podcast will be. But as it stands, I can tell you where it will not be, and that is Spotify,” said Budden.

 

[7:22] – Specifics about this case

 

  • Budden seemed most upset about Spotify’s recent deal to buy The Ringer from Bill Simmons for $200 million. 

 

  • Budden told listeners he could not discuss specific details, citing non-disclosure agreements. But he did say he expected to receive a $500,000 bonus after his podcast’s first year on Spotify, but one was never paid.

 

  • Budden was not pump-faking. His threats were not empty. He walked away, when his worth was not recognized.

 

[10:56] – Key Takeaways:

 

  • If you remember nothing else, remember this: never negotiate a contract in a vacuum! In this case, Joe Budden is doing what we should all do.

 

  • Know your rights! Budden has issues with not being paid money he thought he would get, in consideration of the way his podcast ended up performing. So, he confronted Spotify about it.

 

  • Know your worth and don’t be afraid to walk away. While some think that Budden is using the threats as a negotiation tactic, I suggest not being afraid to walk away if those tactics don’t work. Which is what Budden did!

 

Subscribe

 

Website | Apple | Stitcher | Spotify