Apple mulls podcast subscription service to chase Spotify

Apple Inc. is working on adding a subscription service to its podcasting business in 2021, part of a broader push that has included funding new original programs, according to people familiar with the matter.

Apple has discussed the plan to create a subscription service with its partners, said the people, who asked not to be identified because of nondisclosure agreements. The company also has talked about stepping up funding for new shows and marketing, the people said.

The plan to create a subscription tier, first reported by the Information, would put Apple in closer competition with Spotify Technology SA. Shares of that company tumbled more than 7% on Friday.