Amazon offers free music streaming service

The service is available on a number of devices

Amazon announced on Monday that top playlists and thousands of stations are now available to stream for free on an ad-supported service.

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The news did not go over well with Spotify investors.

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Spotify shares dropped 5 percent on the news. Amazon shares were up nearly 0.5 percent.

TickerSecurityLastChangeChange %
AMZNAMAZON.COM INC.1,751.60+11.12+0.64%
SPOTSPOTIFY TECHNOLOGY S.A.148.09+1.51+1.03%

The announcement was made in an Amazon blog post. Amazon Music customers who don't have a subscription to Amazon Music Unlimited or a Prime Membership can still get free music.

Up until now it was only available on Echo devices but has not been expanded to the most popular devices.

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Spotify is the world's most popular music service with 140 million users on its free service, according to Reuters.