Report: Is Amazon Working On A Spotify Killer?

According to a report by the New York Post, Amazon.com, Inc. AMZN is working on a standalone music app that could potentially be a "Spotify killer." The New York Post, citing "sources," reported that Amazon's executives held meetings over the past few weeks music executives to discuss potential licensing deals. The publication added that the plans are still at an "early stage" but may be consistent with the company's ambitions to become "the premier distributor entertainment content from books to TV and movies to music." Amazon's vice president of digital music, Steve Boom, is overseeing the new initiative which is likely to cost $9.99 a month but could be cheaper if bundled with an Echo device. "The music industry wants to see all the tech giants fighting it out to try and really take streaming to the mainstream," a music industry insider told the New York Post. Shares of Amazon were trading higher by nearly 5 percent at $609.73 late Thursday morning.