Spotify stock plunged over 1% on a report that Apple is spending money to create its own original podcasts.
Apple executives have reached out to media companies to buy exclusive rights to podcasts, according to the report.$400 million to $500 million
on original podcasts this year, including purchases of Gimlet Media and Anchor, two podcast startups. Gimlet Media produced a variety of original fiction and non-fiction podcasts, including "Reply All," "Startup" and "Homecoming." Spotify bought it for $230 million,Apple's Podcasts app is installed on iPhones by default and is the most used podcast app by far
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