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Spotify sinks 7% after Apple announces plans for podcasting subscription service


Spotify sinks 7% after Apple announces plans for podcasting subscription service
Will DanielJan 16, 2021, 01:48 IST
Reuters
Apple announced it s in talks to start a new podcasting subscription service.
The stock was already trading lower on Friday after it was downgraded to sell from neutral by
Citigroup analysts in a note on Friday that warned the company s move to podcasts may not be working.
Spotify shares tumbled as much as 7% on Friday after Apple announced it s in talks to start a new podcasting subscription service.
Apple s move into podcasting follows a recent trend for the big tech giant, as the company continues attempts to diversify its revenue streams. Plus, Apple s iPod helped create the podcasting industry some 20 years ago, and its podcasting app is preinstalled on all iOS devices giving the company a head start on the competition. ....

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