NEW YORK (TheStreet) -- Amazon.com (AMZN) - Get Report shares are taking off, up 3.74% to $605.15 on Thursday morning as the e-commerce giant is reportedly in the early planning stages for a stand-alone music streaming service, according to the New York Post.
The company would be competing with other music streaming services like Spotify, Pandora (P) and Apple (AAPL) Music.
Amazon now offers about 1 million songs to customers through its Prime subscription service, priced at $99 a year. However, the service would be its own separate entity from Prime, have its own subscription price and offer a wider selection of music than Prime's offering.
Steve Boom, the company's VP of digital music, is currently leading the efforts. Amazon is aiming to launch the streaming service in the fall, the Post added.
After the market close today, the company is slated to report its fourth quarter fiscal 2015 earnings. Analysts are looking for earnings of $1.58 a share on revenue of $35.93 billion.
Both profit and revenue are anticipated to be higher than last year's earnings of 45 cents a share on revenue of $29.33 billion, largely due to robust Amazon Web Services sales and Prime membership growth during the holidays, MarketWatch reports.
Separately, TheStreet Ratings currently has a Hold rating on the stock with a letter grade of C.
The company's strengths can be seen in multiple areas, such as its compelling growth in net income, robust revenue growth and largely solid financial position with reasonable debt levels by most measures. However, as a counter to these strengths, TheStreet finds that the company's return on equity has been disappointing.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: AMZN