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How Joe Rogan became podcasting’s Goliath

Above: Photo Collage / Lynxotic

Comedian and podcaster Joe Rogan is caught in a spiral of controversies.

It began when “The Joe Rogan Experience” hosted COVID-19 vaccine skeptic Robert Malone and a number of musicians pulled their music off of Spotify in protest. It has continued with Rogan apologizing for using racial slurs in past years, which prompted the streaming service to remove scores of his old episodes from the streaming platform.

Given the thousands of hours of content that Rogan has produced, the scrutiny is unlikely to stop there. As we argue in our forthcoming book, Rogan’s podcast has long promoted right-wing comedy and libertarian political voices, including some who trade quite gleefully in racism and misogyny.

However, what makes Rogan’s rise particularly important is that it goes beyond the standard partisan political battling that Americans have grown accustomed to in social and broadcast media.

Rogan is not just a purveyor of right-wing ideologies. He is also someone who has built an empire by introducing these ideas – and a wide range of others – to listeners from across the political spectrum. His truly unique skill is drawing in from that spectrum a massive, young, largely male audience that advertisers highly covet.

Ideological whiplash

When the Federal Communications Commission introduced the Fairness Doctrine in 1949, radio and television broadcasters were required to present controversial ideas in a manner that reflected multiple perspectives. However, the combination of cable television, niche consumer targeting and President Ronald Reagan’s deregulatory FCC succeeded in toppling the mandate.

By 1987, conservative talk radio figures such as Rush Limbaugh embraced fully partisan approaches to content creation and audience accumulation. Ignoring their political opponents as potential listeners, they veered further and further to the right, garnering an increasingly homogeneous audience whom advertisers could easily target.

Later, as Fox News’ popularity and reach grew, it took a similar tack, promoting conservative media personalities like Bill O’Reilly, Sean Hannity, Tucker Carlson and Greg Gutfeld to preach to the right-wing choir.

Today, some conservative voices such as Ben Shapiro and Steven Crowder take this logic a technological step further, embracing the silo-ing effects of social media algorithms to connect with those users most likely to engage with and disseminate their content. Although such figures certainly offend those who disagree with them, their place in the mediasphere is well-established and mostly ignored by opponents.

Rogan, by contrast, is prone to ideological whiplash.

Initially, he supported Bernie Sanders for president in 2020. Then he flipped to Donald Trump. He interviews and asks open-ended questions to figures ranging from staunchly left-leaning voices such as Cornel West and Michael Pollan to right-wing charlatans including Stefan Molyneux and Alex Jones.

There is no political commonality among these people. But there is a demographic connection. For one, they are all men, as are the vast majority of guests on “The Joe Rogan Experience.”

They are also provocative guests that appeal to young people and particularly young men, a group that is notoriously difficult to aggregate, often has disposable income and has a tendency to believe that mainstream political ideas don’t reflect their own.

While Fox News sells politics to TV watchers, Rogan sells a sense of edgy authenticity to podcast listeners. His blend of comedy and controversy certainly has political implications, but from his perspective, it isn’t politics. It’s demographics.

Spotify’s main attraction

Rogan’s economic model of accumulating young male listeners, who make up a good chunk of his 11 million listeners per episode, is particularly powerful in today’s fractured media environment.

Rogan is, for worse and for better, a true outlier in the world of contemporary talk media. Most political and many comedy podcasts employ the business model of finding an ideological space, connecting via cross-promotion and guest selection with similar shows, and allowing the algorithms of social media to drive traffic their way.

“The Joe Rogan Experience” takes this idea and pulls it in multiple, contradictory directions. Media figures left and right have – until now, at least – coveted opportunities to appear on the show. Once a comedian or podcaster has saturated their own political space, Rogan offers a chance to win over new converts and, in principle, have a discussion that breaks free of partisan constraints. For many Rogan fans, this breadth of discussion and freedom from norms is the heart of the show.

Rogan, however, is far from a neutral host of a new public sphere. His feigned naiveté is all too often a cover to promote edgy, offensive and irresponsible theories that appeal to his audience’s self-styled suspicion of authority.

He pushes the boundaries of political discourse by “just asking questions,” but then hides behind his background as just a comedian to distance himself from any undesirable repercussions.

Spotify, like other streaming services, is primarily built on a wide range of content creators, each of whom attracts a small, dedicated audience, but none of whom are, on their own, particularly powerful.

Rogan is the closest thing to a mass cultural product to be found in the podcast world. He is also one of the only names in podcasting big enough to garner headlines, good or bad. For a company like Spotify trying to boost subscriptions, Rogan’s cross-partisan, youthful, mass appeal is very hard to resist.

Rogan’s recent apologies, however, prove that he is not impervious to pressure. We suspect Spotify will try to thread the needle: covering up Rogan’s penchant for misinformation and offensive provocation just enough to meet the minimum standard of acceptable corporate citizenship without tarnishing the comedian’s brand and demographic appeal.

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Matt Sienkiewicz, Associate Professor of Communication and International Studies, Boston College and Nick Marx, Associate Professor of Film and Media Studies, Colorado State University

This article is republished from The Conversation by Matt Sienkiewicz, Boston College and Nick Marx, Colorado State University under a Creative Commons license. Read the original article.


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“GameStonks vs. Wall Street”: Heroes, Victims and Hogwash

Above: Photo Collage / Lynxotic / Adobe Stock

The story that won’t stop and the very fine people on all sides

No heroes, plenty of villains and lots and lots of nonsense and stupidity. But before getting into the nuts and bolts of this tragic “new” phenomena, take a second and think about all those media stories, in nearly every online media outlet, even hitting local news.

Each “take” on the story has a different slant and spin and almost none go into the boring and complex technical details of stock trading schemes. Most, it appears, are cheering on, implicitly, the “main street” buyers in an imaginary “war” on Wall Street.

[Disclaimer: Nothing in this article should be construed as legal or financial advice.]

That will get you more clicks.

A few will point out that GameStop, the company that is, which has no real prospect to rise from its comatose state into a Tesla-like world beater, regardless of how high the stock climbs for a few weeks or so.

And they will, rightly, warn that in this game, the “innocent” main street “investor” will lose in the end. Those are the boring stories. Not as many clicks for them.

The longer more accurate story of what is going on touches on the Great Depression, the Dot-com bubble, the financial crisis of 2008 and an understanding of stock trading that goes beyond the patience threshold of the general public and the media, even beyond most so-called Wall Street Insiders.

History does exist, even if it happened before your uncle was born

Up until 1934 many things were legal and rampant that today, technically, are not allowed. Insider Trading is the most obvious and best defined, look up Martha Stewart and jail time if you want to know more about that.

Collusion in the market is another less well known practice, also known as “pump & dump” that has as many variations as Ponzi schemes and, though illegal, will never be stamped out. The technical terms for Colluding in relation to stock trading are “securities fraud” or “market manipulation.”

Not to get technical but here’s an partial excerpt of the legal specifics:

15 U.S. Code § 78i – Manipulation of security prices

(a) – (2 To effect, alone or with 1 or more other persons, a series of transactions in any security registered on a national securities exchange, any security not so registered, or in connection with any security-based swap or security-based swap agreement with respect to such security creating actual or apparent active trading in such security, or raising or depressing the price of such security, for the purpose of inducing the purchase or sale of such security by others.

Enter Reddit’s r/wallstreetbets forum. Not saying that there is anything illegal about “loving” a company as a group and choosing to “support” it by buying its shares.

Even if the motivation (false and imagined) is to “hurt” the short sellers in some kind of Robin Hood attack, that’s probably not something the SEC would care about. Short selling professionals can take care of themselves.

Enter another part of history: the allegedly overvalued company effect

Attacking short sellers has become a kind of sport, particularly when it’s about an emotional connection that was partly responsible for a company’s shares being “overvalued” by traditional metrics in the first place. Once “overvalued” therefore, a target to be sold short by traders and hedge funds that believe in quaint things like profit to earnings ratios and the like.

While company’s share prices being “overvalued” is based on opinion and often wrong, there have been recent cases, since the NASDAQ bubble burst in 2000, that have added a somewhat new, larger, twist on the typical understanding of these types of situations.

Bubble is as bubble does

To take the biggest example, there is Amazon (AMZN) which would take a thousand page book to accurately and fully elaborate on, but for the sake of brevity a couple of points could be made.

It is well known that Amazon posted substantial losses for many years while the stock price generally continued to rise. This was attributed to shareholders’ willingness to forgo proof of financial success within the company and persisted in buying & holding in the hope that share prices would continue to rise and that the company eventually would show profits and more success.

All of that seemed to happen, in the case of Amazon, when viewed casually, and now there is a sense, among some, that overvaluation, in “outlier” cases, is no longer a valid reason to sell (or short) a stock. Everybody’s happy right?

The uses of inflated value is a sticky-wicket if you are the loser

Not everybody. Naturally there are many “bad” short sellers who likely lost by shorting Amazon during it’s unrelenting rise since 2000. They are unlikely happy.

But also, and here’s the rub, there were whole industries crushed by the power that came with that “over-valued” stock price that seems, from looking at reams of data, to have been used to finance the selling of goods at substantial losses for “as long as it takes” to damage competitors.

Ultimately, for Amazon, creating a possibly dangerous monopoly (or monopsony, as it were) position with the potential for further damage to not just competition, and the overall marketplace, but to society as a whole.

This is, of course, opinion but ask, if you will, the various agencies in charge of anti-trust actions for further concurring opinions.

Tesla is a whole other story, but a completely unique one

However, the situation is clearly not black and white. An alternate opinion could be held regarding the similar, yet very different, situation at Tesla (TSLA). Short interest throughout the rise? Absolutely. Overvaluation by traditional metrics, yup.

But in this case there is both a technological argument to be made, as well as a geopolitical / moral one, that the company’s wider mission: “Tesla’s mission is to accelerate the world’s transition to sustainable energy” is a more than valid justification for wanting to support the company, in any way possible, including through the purchase of it’s purportedly overvalued shares.

That kind of goodwill is the x-factor that is now being twisted into a justification for pumping GameStop (GME) into the stratosphere, beyond the kind of overvaluations that either Amazon or Tesla ever enjoyed (and that’s saying a lot!) while downplaying the “dump” part of the “pump & dump” scenario.

Of course here’s the tragic part; the dump phase always comes, and in reality, is the whole point. Next… ooopsy, while writing this the dump started with GME in the form of a drop from around $500 per share to $226.

For a sub-$20 stock, of course, that’s still extremely high and there will no doubt be gyrations in both directions before the final drop back to obscurity.

Twas ever thus, but still not nice

But the tragedy is in the idea, bandied about in the media and amplified in social media infinitely, that there are “Robin Hood” actors in this game (not the company but the dude in the forest in the movie).

In the end there may be a few that knew all along that “dump” was an integral and necessary part of pump & dump and I am sure there will be plenty of celebration of their “genius” exploits.

But the focus from any of us in the media should be at the tragedy of those that got lost in the hype and stupidity and chose to offer themselves up to the gods of GameStop, the market and Reddit’s r/wallstreetbets as cannon fodder:

”I was in my early teens during the ’08 crisis. I vividly remember the enormous repercussions that the reckless actions by those on Wall Street had in my personal life, and the lives of those close to me. I was fortunate – my parents were prudent and a little paranoid, and they had some food storage saved up. When that crisis hit our family, we were able to keep our little house, but we lived off of pancake mix, and powdered milk, and beans and rice for a year. Ever since then, my parents have kept a food storage, and they keep it updated and fresh.”

”I bought shares a few days ago. I dumped my savings into GME, paid my rent for this month with my credit card, and dumped my rent money into more GME (which for the people here at WSB, I would not recommend). And I’m holding. This is personal for me, and millions of others.”

”You can drop the price of GME after hours $120, I’m not going anywhere. You can pay for thousands of reddit bots, I’m holding. You can get every mainstream media outlet to demonize us, I don’t care. I’m making this as painful as I can for you”.

ssauron on Reddit

Emphasis mine


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