Amazon Taking on Netflix With New Unlimited Streaming Initiative
Netflix, which charges $7.99 a month for a similar service, saw its stock drop after the announcement that Amazon Prime customers will be able to stream movies and TV shows for no extra charge.
Netflix on Tuesday struck a deal to make dozens of CBS shows available for on-demand streaming, but investors seemed more interested in an announcement earlier in the day from Amazon.com, which has suddenly become a wealthy and powerful competitor.
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