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Spotify Shares Dive Amid Amazon Free Music Streaming

Shares in Swedish streaming giant, Spotify, dived 4% yesterday, following reports Amazon is in talks to launch an ad-supported free music streaming service.

The news will further intensify competition against Apple Music, who is rapidly ramping up its periphery subscription service portfolio – e.g. Apple Arcade gaming service, Apple tv+ and Apple News+.

As previously reported, Amazon is tipped to market its ad-supported streaming service via its Echo smart speakers, and could launch internationally as soon as late this month.

Locally, Amazon Prime costs $6.99 per month (or $54 per year), offering access to its music, movie and TV show streaming library, plus exclusive e-commerce shopping perks.

Latest numbers claim Amazon has “tens of millions” of paid subscription customers (with access to its music library), whilst Spotify boasts 116 million ad-supported users as at February 2019.

The Swedish streaming giant also has 96 million paying subscribers.

[Amazon Prime Video]

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