Spotify Stock Falls Two Days In A Row As Amazon Expands Free Music, TikTok Streaming Music Launch Nears

[UPDATED] Shares of Spotify stock fell another 2.35% on Tuesday after falling almost 4.8% on Monday after news stories that Tik Tok parent company Bytedance is working to launch a streaming music service in the US and other countries.

Also fueling the Spotify decline was the announcement that Amazon had expanded its free ad-supported music streaming tier in the US, UK and Germany to everyone, including those that do not subscribe to Amazon Premium.

Spotify stock was trading at $136.97 USD at the end of the day Tuesday with the trend continuing down in after-hours trading.