Spot stock drops after adding Amazon Music podcast

The Amazon logo appears on a smartphone.

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Spotby’s shares declined more than 6% on Wednesday as announced by Amazon as it was adding podcasts to its music streaming service.

The company said that users in the US, UK, Germany and Japan will be able to stream podcasts for free on all levels of Amazon Music. Amazon Music offers users many paid and free, ad-supported options to use the service. Amazon Prime customers also get free access to over 2 million songs as part of a $ 119 per year subscription.

The Amazon podcast is starting at a time when the industry has become increasingly competitive. Spotify has invested heavily in the creation of original podcasts and has acquired four companies to expand its library, including The Ringer, Jimlet Media, Anchor and Parkcast. Meanwhile, Apple’s podcast app hosts a wifey of content for free and is installed on iPhones by default.

Amazon will offer listeners a range of original and curated content. The music streaming service will include well-known podcasts such as “Radiolab,” “Planet Money” and “Crime Junkie”, as well as exclusive shows for the original show service hosted by celebrities such as producer DJ Khalid, actor Smith, sportscaster Are done. Dan Patrick and musician Becky ji. Starting in February 2021, Amazon would become the exclusive home of “Disgrassland,” a popular “music-meets-true-crime” podcast.

Musicians Podcast host will show a new integration between Amazon Music and Twitch, announced by musician and actress Becky G earlier this month. The feature allows musicians to link their profiles to the streaming service on an Amazon-owned video site, allowing users to view live Twitch content in the music app.

Amazon said Amazon’s voice activated eco device will pull content from the Amazon Music Library when users ask their device to play podcasts, Amazon said.