How Will Amazon (AMZN) Stock Be Affected By Music Streaming Launch?

NEW YORK (TheStreet) -- Amazon.com Inc. (AMZN) launched its own music streaming service on Thursday, with over 1 million songs available to Amazon Prime subscribers, called Prime Music.

Those customers already paying $99 a year for free shipping, TV and movie streaming, and Amazon's e-book library, will also have access to its new collection of music.

Amazon is starting out with a smaller number of songs in its library, by comparison its rival streaming service Spotify claims to have over 30 million songs available to listeners, The Guardian reports.

Must ReadWarren Buffett's 25 Favorite Stocks 

Amazon is offering users add free streaming, and no playback restrictions allowing listeners the opportunity to skip over as many tracks as they'd like or replay a song over and over.

Shares of Amazon.com are down -0.95% to $332.01 on Thursday morning.

Separately, TheStreet Ratings team rates AMAZON.COM INC as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:

"We rate AMAZON.COM INC (AMZN) a HOLD. The primary factors that have impacted our rating are mixed some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its robust revenue growth, impressive record of earnings per share growth and solid stock price performance. However, as a counter to these strengths, we also find weaknesses including weak operating cash flow and poor profit margins."

If you liked this article you might like

Walmart Will Start Offering Meal Kits on Its Website by December

Google or Amazon Should Acquire Toys "R" Us -- Bankruptcy Lawyer Says

Cramer: Food Stocks Are Going Hungry

The 10 Craziest Pumpkin Spice Items You Can Buy off Amazon