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Spotify stock falls after Amazon Music added podcasts

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Spotify shares fell more than 6% on Wednesday after Amazon announced it would add podcasts to its music streaming service.

Users in the US, UK, Germany, and Japan can stream podcasts for free across all levels of Amazon Music, according to the company. Amazon Music offers users a number of paid and free, advertising-supported options to access the service. Amazon Prime customers also get ad-free access to more than 2 million songs with their $ 1

19 per year membership.

Amazon is launching podcasts at a time when the industry has become increasingly competitive. Spotify has invested heavily in the production of original podcasts and has acquired four companies to expand its library, including The Ringer, Gimlet Media, Anchor and Parcast. Meanwhile, Apple’s Podcasts app hosts a lot of content for free and comes standard on iPhones.

Amazon offers listeners a range of original and curated content. The music streaming service features popular podcasts such as “Radiolab,” “Planet Money,” and “Crime Junkie,” as well as original shows produced exclusively for the service and hosted by celebrities such as producer DJ Khaled, actor Will Smith, and Sportcaster Dan Patrick and the musician Becky G. From February 2021, Amazon will be the exclusive home of “Disgraceland”, a popular podcast “Music meets true crime”.

The multimedia podcast, hosted by musician and actress Becky G, features a new integration between Amazon Music and Twitch that was announced earlier this month. This feature allows musicians to link their profiles on Amazon’s own video page to the streaming service, so that users can watch live Twitch content in the music app.

According to Amazon, Amazon’s Echo voice-activated devices will pull content from the Amazon Music library when users ask their device to play podcasts.

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