Share Spotify Down After Messages About Amazon

Share Spotify down after Messages about Amazon music Service.The value of the Spotify share fell by 4 percent on the New York stock exchange on Monday after unconfirmed reports about the launch of an Amazon music service.

According to sources, the streaming service of the webshop giant would already be launched this week.

Amazon’s service would be free and funded with commercials in between.

The online store giant already has a paid music service under the name of Amazon Music Unlimited and would compete with Spotify with the free service.

That company has had an unpaid subscription from the start that is financed with advertising.

Spotify had 116 million free and 96 million paying subscribers last February.

Amazon does not reveal official figures but does speak of “tens of millions” of paying customers.