Spotify shares fell in pre-market trading on Monday after a Billboard report said Amazon was exploring a 'free, ad-supported music service.'
A Spotify banner adorns the facade of the New York Stock Exchange, Tuesday, April 3, 2018. Spotify, the No. 1 music streaming service which has drawn comparisons to Netflix, is about to find out how it plays on the stock market in an unusual IPO.shares slid in early Monday after a report said Amazon has entered into discussions to launch a free music service to compete directly with the streaming platform.
Billboard, citing sources familiar with the plan, said Amazon would market the service through its Echo speakers and offer a limited catalog.
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