It was the deal that helped make Spotify a podcasting giant, but has now put the company at the center of a fiery debate about misinformation and free speech.Spotify was already the king of music streaming. But to help propel the company into its next phase as an all-purpose audio juggernaut, and further challenge Apple and Google, it wanted a superstar podcaster, much as Howard Stern helped put satellite radio on the map in 2006. Spotify executives came to view Joe Rogan — a comedian and sports commentator whose no-holds-barred podcast, “The Joe Rogan Experience,” was already a monster hit on YouTube — as that transformative star.In May 2020, after an intense courtship, Spotify announced a licensing agreement to host Mr. Rogan’s show exclusively. Although reported then to be worth more than $100 million, the true value of the deal that was negotiated at the time, which covered three and a half years, was at least $200 million, with the possibility of more, according to two people familiar with the details of the transaction who spoke anonymously because they were not authorized to discuss it.But in recent weeks the show that helped Spotify catapult into a market leader for podcasts has also placed it at the center of the sort of cultural storm that has long engulfed Facebook, Twitter and YouTube, over questions about the responsibility tech behemoths have for the content on their platforms.It began when several prominent artists, led by Neil Young, took their music off the service to protest what they described as Covid vaccine misinformation on Mr. Rogan’s show. Then clips from old “Joe Rogan Experience” episodes caught fire on social media, showing him using a racial slur repeatedly and chuckling at jokes about sexual exploitation, prompting Mr. Rogan to apologize for his past use of the slur. A #DeleteSpotify social media campaign began calling for a boycott. And some Spotify podcasters publicly criticized Mr. Rogan and the platform.Spotify declined to make company executives available for interviews. Dustee Jenkins, a spokeswoman for the company, declined to comment on the terms of Mr. Rogan’s deal. Representatives of Mr. Rogan did not respond to multiple requests for comment.Even in the frothy podcast market, the deal for “The Joe Rogan Experience” was extraordinary. Spotify had purchased entire content companies, Gimlet Media and The Ringer, for slightly less than $200 million each, according to company filings.With tens of millions of listeners for its buzziest episodes, “The Joe Rogan Experience” is Spotify’s biggest podcast not only in the United States but in 92 other markets, with a following that hangs on every word of his hourslong shows. In its financial reports, Spotify cites podcasts — and Mr. Rogan’s show in particular — as a factor in the long-sought growth of its advertising business. At a recent company meeting, Daniel Ek, Spotify’s chief executive, told employees that exclusive content like Mr. Rogan’s show is vital ammunition in Spotify’s competition against tech Goliaths like Apple and Google.“We’re not in the business of dictating the discourse that these creators want to have on their shows,” Daniel Ek, Spotify’s chief executive, told employees. But dozens of episodes of “The Joe Rogan Experience” were recently taken down.Lucas Jackson/ReutersAs Mr. Rogan faced growing public criticism, Spotify responded by reaffirming its commitment to free speech, even as dozens of Mr. Rogan’s past episodes have been removed. It also made its content guidelines public for the first time, said that it would add “content advisory” notices to episodes discussing the coronavirus and promised to contribute $100 million for work by creators “from historically marginalized groups.”The moves came as Spotify faced growing dissension among high-profile creators. This month Ava DuVernay, the film director who announced a podcast deal with Spotify a year ago but has yet to produce any content under it, severed her ties with Spotify, according to a statement from her production company, Array. And Jemele Hill, the former ESPN commentator, said that Spotify’s defense of Mr. Rogan had created problems with her audience, and raised questions about the sincerity of the company’s dedication to minority talent.“What I would like to see,” Ms. Hill said in an interview, “is for them to hand $100 million to somebody who is Black.”A Pivot to PodcastingFor Spotify, the move into podcasting is the culmination of years of strategy to find a business that is more profitable than hosting music, for which it must pay about two-thirds of every dollar to rights holders.The company dipped its toe into video around 2015, but little came of it. By 2018, the year Spotify listed its shares on the New York Stock Exchange, it was forming plans to pursue Mr. Rogan, hoping to supercharge its market position in non-music audio and to chip away at the dominance of Apple and Google’s YouTube.To make Spotify a player in podcasting, Mr. Ek and his deputies, including Dawn Ostroff, a former television and magazine publishing executive, and Courtney Holt, formerly of Maker Studios, an online video network, set out on a multipart strategy. Spotify would buy audio studios, like Gimlet, and acquire exclusive rights to existing shows. With Spotify Originals, the company would also create buzzy new programs in partnership with creators like Ms. DuVernay’s Array and Higher Ground, the production company of former President Barack Obama and Michelle Obama.Developing a portfolio of podcasts unique to Spotify, as Netflix had built a walled garden for video, was a key aim, according to several employees involved in the strategy discussions.“All music streaming services are offering the same plain vanilla ice cream at the same price,” said Will Page, Spotify’s former top economist, who was not involved in the Rogan deal but is a frequent commentator on the digital media business. “The overarching issue is how do you make your customer proposition distinct.”Growth StrategySpotify has greatly increased its podcast offerings in the last four years — a period of rapid growth in both users and revenue for the company. More