Spotify spent more than $1 billion to build up its podcasting empire. After years of costly acquisitions and celebrity partnerships, most of its shows are still not profitable. WSJ’s Anne Steele unpacks why Spotify’s big bet hasn’t paid off yet. Further Reading: - Spotify’s $1 Billion Podcast Bet Turns Into a Serial Drama  - Harry and Meghan Produce a Hollywood Flop: Themselves  Further Listening: - Neil Young, Joe Rogan and Spotify’s Balancing Act  - Harry and Meghan, Hollywood Royalty?   Learn more about your ad choices. Visit megaphone.fm/adchoices