Spotify's podcast push now has analysts concerned.

Citi said thats paid subscriber growth and app downloads "do not show any material benefit from recent podcast investments."

Here's what Spotify has put in podcasting:

Parcast $56M
Joe Rogan $100M
Anchor $154M
The Ringer $196M
Gimlet $230M
Megaphone $235M

Plus whatever they paid Joe Budden, Kim Kardashian, Michelle Obama, Prince Harry + Megan Markle, and others.

That's well over $1B, easily.

Spotify thought Joe Rogan, The Ringer, etc was its version of Netflix having Friends and The Office.

But a few differences:

- Podcasts aren't as "rewatchable" as sitcoms
- Most of the pods are still available on other platforms
- Exclusives are still on Spotify's free version

Spotify's podcast strategy may be more effective as a retention tactic for existing subs.

If you already use Spotify, it's convenient to have your audio in one place. Plus, podcast audio is more profitable for Spotify.

But it may be less effective at acquiring new subs.