Amazon (AMZN) - Get, Inc. Report is considering launching a music streaming service and it's got the attention of TheStreet's Jim Cramer, co-manager of the Action Alerts PLUS portfolio.

That industry is "game on," Cramer said from the floor of the New York Stock Exchange Tuesday. 

According to reports, the company may launch a $10 per month streaming service, as well as a lower priced service around $4 to $5 per month for those who are owners of the Amazon Echo product. For those that are already Prime members though, music streaming is already included in the list of perks. 

If only Apple (AAPL) - Get Apple Inc. (AAPL) Report would have bought Pandora (P) , Spotify, and Songza, Cramer reasoned. Then the company could have packaged all three services together to launch the industry's top product. Instead, it decide to launch Apple Music and now competes with those services. 

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Apple needs its services revenue to grow faster and this would have been a great way for that to happen, he reasoned. 

Apple is a holding in Jim Cramer's Action Alerts PLUS Charitable Trust Portfolio. Want to be alerted before Cramer buys or sells AAPL? Learn more now.

As for Amazon, the company seems it can do no wrong at the moment, he added. Given that it already has streaming available, launching a separate music-service subscription likely wouldn't hurt the company. 

People feel good about the company and where it's headed, Cramer concluded. 

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At the time of publication, Cramer's Action Alerts PLUS had a position in AAPL.