Why Spotify's Stock Is Trading Lower Today

Spotify Technology S.A. SPOT shares are trading lower after Amazon.com, Inc.'s AMZN Amazon Music announced it's launching podcasts in the US, UK, Germany and Japan.

Amazon Music announces podcasts are now available to stream on all tiers of Amazon Music at no additional cost, including free access on Echo, web, and in the Amazon Music mobile app.

See Also: Spotify Spars With Apple Over Services Bundle Launch

Spotify provides audio streaming services in the United States, the United Kingdom, Luxembourg, and internationally. It operates through two segments, Premium and Ad-Supported.

Spotify's stock was trading down 5.30% at $225.29 per share on Wednesday at the time of publication. The company has a 52-week high of $299.67 and a 52-week low of $109.18.