Spotify -3.5% on Amazon competition - Billboard

|About: Amazon.com, Inc. (AMZN)|By:, SA News Editor

Spotify (NYSE:SPOTdrops 3.5% pre-market after Friday's Billboard report that Amazon (NASDAQ:AMZN) plans to launch an ad-supported music streaming service.

Sources say the service would work through the Echo devices with a limited catalog of music. The offering could be available as early as this week.

Spotify is currently the only major subscription-dependent streaming company to offer a free tier with on-demand listening.

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