FB Nasdaq FB Facebook

Amazon.com (NASDAQ:AMZN) Gains on Reports it’s Considering Offering Free Music to Prime Customers

Amazon (NASDAQ:AMZN) stock rose 1.2% on Friday on a report saying the online reis investigating giving its Prime subscription customers free music as it does with movies and television shows. Tech news site Recode reports industry sources say the online retailer is engaged in serious talks with big music labels as the company considers rolling out a Spotify-like music service to be offered to Prime users who currently pay $79 a year and get free two-day shipping and other perks such as a video service.

Prime customer buy more goods from Amazon and free music may make the offer more attractive to other non subscribers. It may also offset news from earlier this year where Amazon told Wall Street that it may raise the price of Prime by as much as $40, to $119 a year.

Time Warner (NYSE:TWX) shares rose 2.2% in midday trade on media reports it is attempting to buy the movie rights to popular digital game Minecraft as a follow up to its success with “The Lego Movie”. The Lego Movie has grossed $280.5 million worldwide since its release three weeks ago, according to film industry tracking reports.

Minecraft, released in 2011, is a building block game where players use avatars to create and build a world. It has more than 100 million users worldwide. Several outlets are reporting that Roy Lee, who co-produced The Lego Movie, is set to produce Minecraft along with Jill Messick, whose previous producing credits include “Mean Girls” and “Hot Rod”.

Time Warner shares last changed hands at $67.24, nearer the top of the 52-week range of $52.66 to $70.77.

The stock last changed hands at $364.55 near midday. It has traded in a 52-week range of $245.75 to $408.06.