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Spotify shares drop after Amazon Music adds podcasts

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Spotify’s shares fell more than 6% on Wednesday after Amazon announced it is adding podcasts to its music streaming service.

Users in the US, UK, Germany, and Japan will be able to stream podcasts for free, on all levels of Amazon Music, the company said. Amazon Music offers users a range of paid and free ad-supported options to access the service. Amazon Prime customers also get access to over 2 million ad-free songs as part of their $ 1

19 per year subscription.

Amazon is launching podcasts at a time when the industry has become increasingly competitive. Spotify has invested heavily in producing original podcasts and has acquired four companies to expand its library, including The Ringer, Gimlet Media, Anchor, and Parcast. Meanwhile, Apple’s Podcast app hosts a variety of content for free and is installed on the iPhone by default.

Amazon will offer listeners a range of original and curated content. The music streaming service will include popular podcasts such as “Radiolab”, “Planet Money” and “Crime Junkie” as well as original shows produced exclusively for the service hosted by celebrities such as producer DJ Khaled, actor Will Smith, sports journalist Dan Patrick and musician Becky G. Starting in February 2021, Amazon will become the exclusive home of “Disgraceland”, a popular “music that meets real crime” podcast.

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

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

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