Spotify stock falls after Apple released its new services bundle
On Wednesday, Spotify Technology’s (SPOT) shares fell by 7% after Apple Inc. (AAPL) launched a new bundle plan for all its services that lowered the price of Apple Music subscriptions.
The Swedish music streaming and media services provider said that the Apple One bundle favored its own Apple Music service.
“Once again, Apple is using its dominant position and unfair practices to disadvantage competitors and deprive consumers by favoring its own services. We call on competition authorities to act urgently to restrict Apple’s anti-competitive behavior, which if left unchecked, will cause irreparable harm to the developer community and threaten our collective freedoms to listen, learn, create, and connect,” Spotify said in a statement.
In return, Apple stated that the bundle was made for its existing users. It also added that clients could still avail alternatives for each of the company’s services.
“What Apple is attempting to do is sort of form an ecosystem, like what Amazon Prime has done, where they become a one-stop-shop, and certainly because of that competitors like Spotify do face some risk,” Wall Street Alliance Group’s Partner Aadil Zaman said in a statement.
Spotify’s shares were down by 3.5% ($229.61) at the morning trade.