Spotify Lower On Report Apple Is Planning A Paying Podcast Service

Spotify Technology (NYSE: SPOT) shares were trading lower on Friday after The Information reported Apple Inc. (NASDAQ: AAPL) is planning a new subscription-based podcast service. This would be in direct competition with Spotify.

In December, it emerged British royals, the Duke and Duchess of Sussex, had inked an exclusive multi-year deal with the company to host and produce podcasts.

Spotify, headquartered in Stockholm, Sweden, is one of the world's largest music streaming service providers, with over 150 million total listeners.

Spotify shares were trading down 5.88% to $322.16 at publication time. The stock has a 52-week high of $370.95 and a 52-week low of $109.18.