It’s not just $20 million. Spotify wants to own his catalog, put ads on all his old episodes, wants to have editing power over his content, a cut of the live shows and a cut out of anything else they do outside of the podcast. (According to him to be fair). If you can find a deal for 10 million with complete autonomy and ownership, I’d take the 10. I think people keep underselling them with the “or nothing” part of the argument. They built the podcast without Spotify, all Spotify did was give them a platform not the infrastructure.