Amazon.com, Inc. (NASDAQ:AMZN) Rattles Apple Inc. (NASDAQ:AAPL) And Spotify With New Music Streaming Service

Amazon.com, Inc. (NASDAQ:AMZN) vs Apple Inc. (NASDAQ:AAPL) Apple Music is living up to expectations as the race for market share in the music streaming business heats up. The e-commerce giant has now launched a full-fledged music streaming service dubbed Amazon Music Unlimited, as it continues to take the fight to Apple and Spotify.

Amazon vs Apple Music

Amazon’s new streaming music service will come with subscriptions that go for as low as $3.99 with a vast catalog of songs. The $3.99 subscription plan is only opened to people with Echo devices. Standard subscribers using other devices will have to contend with a $10 a month charge, to access the streaming service.

Amazon Prime subscribers will, on the other hand, have to pay $8 a month to access the music catalog regardless of the device of choice. Amazon vs Apple Music battle will, however, not be won only with the kind of music available for streaming.

In a bid to fend off competition from other players in the industry, Amazon has redesigned its Music app with an album art featuring customized recommendations. Subscribers will also be able to access song lyrics.

Banking on Smart Speakers

Amazon is also relying on its smart speaker that can respond to voice commands to draw in more listeners in addition to being price competitive.  Vice President of Amazon Music Boom believes the voice controls on offer with Echo will help set the company’s streaming service apart from the competition.

“The first phase of growth (in music streaming) was driven almost entirely by smartphones. We believe pretty strongly that the next phase of growth in streaming is going to come from the home,” said Mr. Boom in an interview.

The tussle for market share pitying Amazon vs Apple Music will also be fought on the pricing front. Amazon has already undercut its rival’s on pricing as it has done in the past as tries to accrue a substantial amount of market share in the business. Aggressive pricing should help the e-commerce giant draw in listeners unwilling to pay $9.99 to stream music.

News of Amazon unveiling a music streaming service pushed the stock higher by 0.37% to close the day on a high of $834.09 a share.

Apple was also up by 0.89% closing the day on a high of $117.34 a share.

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