Spotify Technology SA SPOT shares fell after a report emerged about Apple Inc. AAPL launching its own “original” podcasts.
Currently, the Apple Podcast app is built into the iPhone and is reported to be the most used podcast app, according to CNBC. Spotify has invested heavily in podcasts and now faces stiff competition.
In June, it was announced former U.S. President Barack Obama and his wife Michelle signed a deal to produce exclusive podcasts for Spotify.
Spotify shares were trading down 3% to $149.55 at time of publication on Tuesday.
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