Dragons’ Den star Steven Bartlett has revealed he turned down a lucrative deal – rumoured to be worth around $100m (£75m) – for his podcasting business.
Last year Joe Rogan signed a multi-year $250m deal with Spotify but Bartlett said he wasn’t tempted to follow suit because it didn’t feel the ‘right path’.
Bartlett, founder of FlightStory and FlightStory Studio, recently signed a deal with the world’s No 1 talent agent, WME, to represent him in the USA, ahead of his move to Los Angeles.
He revealed: “Last year, we were offered an undisclosed podcasting deal – the kind many of my peers whom I respect in this space have taken. And for good reason. These deals can be life-changing.
“There’s no ‘right or wrong’ here. Everyone’s circumstances are different. This is just what aligned with our values, our audience, and our long-term vision.”
The 32-year-old revealed one of the reasons why they turned the deal down was it would have meant at least 300 per cent more adverts on the show.
Bartlett added: “I believe there are smarter ways to monetise than just piling on more ads.
“Equity partnerships, long-term integrations and creating your own products, membership options… are more innovative options that keep the listener experience intact.
“I would’ve had less control over where the show appears. With these deals, you’re often contractually incentivised to focus on certain platforms – and sometimes, that means removing your show from others altogether.
“For a show that’s always been built on independence and accessibility everywhere, that felt like a step back.
“One of the beautiful things about podcasting is that it can appear on all platforms at once – and the viewer gets to decide.”
Bartlett revealed the deal headline figures aren’t always what they appear.
“You don’t sign a $100 million deal and get the cash up front,” said Bartlett. “These are usually multi-year deals, spread out over time and tied to performance targets.
“To put it in perspective a $125m deal might actually be $25m/year for five years, and that money may only be paid if you meet certain performance targets.
“That difference matters. Especially when you’re thinking about opportunity cost and long-term creative freedom.
“For full transparency: we were offered two deals. The most significant was over a three-year term. The fee remains undisclosed.”
Bartlett said when FlightStory’ chief revenue officer, Christiana Brenton, did some forecasts she concluded they could do better on their own.
Brenton explained: “On paper, these seem like a dream come true for any commercial leader who’s spent their entire career in pursuit of major financial milestones.”
She added: “We’ve managed to find and assemble a world class team of strategists, media and creative scientists, brand partnership directors, global partner manages, production experts, branded content producers, product and venture specialists, speaking and live events leaders, platform monetisation fanatics, and elite equity and investment operators.
“This combination of raw talent has led The Studio @FlightStory to achieve record-breaking performance: 3x growth in 2024 and +$20m in revenues.
“This wasn’t simply ‘no’ to a deal. It was a ‘yes’ to myself. A ‘yes’ to our team.”
Bartlett added: “We’ve now got nearly 100 full-time people building our media company, FlightStory, (which is home to The Diary of a CEO) led by Georgie Holt.
“In my view, they’re the best in the business. We’ve built every capability in-house – strategy, data, production, creative, commercials, e-commerce, social media, marketing, newsletters and more – and we believe in betting on ourselves.
“Time will tell if we were right but betting on myself and my team is a decision I can live with – and truthfully, one I wish I’d made more often when I was starting out in my career.
“We’re still learning, still building, and still listening.”
- Bartlett’s former commercial director Danny Gray has announced he’s left after three years with The Diary of a CEO and Flight Fund. “I began as Steven’s partnerships manager and later became his commercial director, brokering some of the biggest and most innovative podcast brand deals in the industry,” he said. “I then stepped into investment, becoming his investment partner – spotting high-growth opportunities, structuring talent-led deals, and helping founders scale with purpose, unlocking incremental value.”
Diary of a CEO Mum: Is this Steven Bartlett’s greatest hire?