Spotify begins testing Apple Watch app

Spotify begins testing Apple Watch app

Spotify begins testing Apple Watch app

Shares in the Swedish-based music group slid 5.7 percent to close at $141.16 after the company's 3rd quarter earnings report.

Financially speaking, Spotify's quarterly revenue grew by 31 percent to 1.352 billion euros ($1.54 billion).

What's more, of those 87 million subscribe to its paid tiers.

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Jeff Wlodarczak of Pivotal Research said he remained positive on Spotify despite the "modest reduction" in the outlook.

Several beta users have posted screenshots of the app on Reddit, and it appears that the app will let you shuffle your songs, choose from recently played, control your music and tap into Spotify Connect, which lets you choose where to play your Spotify music. There's sure to be more information available at spotify.com/us/family/ once the promotion actually starts.

All in all it wasn't a bad quarter for Spotify, especially in light of increased competition mainly from Apple Music, which still trails the company's service.

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These include Apple, Google-owned YouTube and Pandora, which is being acquired by SiriusXM. This gave Apple Music, with over 50 million users, a strong hold on Apple Watch owners.

Spotify management hopes that partnerships, like its recent agreement with Alphabet Inc.'s Google to offer a free Home Mini product, are a step in the right direction to adding new subscribers even if they come at the cost of some margin erosion.

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