The wildly popular host of the "Joe Rogan Experience" — which draws an estimated 11 million listeners per episode — signed an exclusive licensing deal with Spotify that paid him a reported $200 million in 2020.

But with Spotify cutting its ballooning costs as Rogan's contract comes to end, industry experts said the podcaster is in the driver's seat.

"It's a situation where you are damned if you do, and you are damned if you don't," Arete Research founder Richard Kramer told The Verge.

"If you do keep him, Spotify will be locked into paying Rogan as much or more than before, at a time when they need to contain costs. If you don't keep him, then it's really tough because your biggest property and source of sales within the ad business — walks."

The Post has sought comment from Rogan and Spotify.

Rogan has a variety of options, including striking out on his own by creating a media company that would distribute the podcast as well as produce other content that would appeal to his fan base, analysts said.

Another option may be joining forces with Rogan's good friend Musk, the Tesla mogul who famously smoked pot on Rogan's podcast and got in trouble for it.

Musk, who acquired the social media platform for $44 billion last year, has sought to attract larger audiences to X through independent content creators.

He recently sat down with Rogan for a specially streamed interview — the first two hours of which were available exclusively on the platform formerly known as Twitter.