Spotify tumbles on reports Apple will fund its own original podcasts (AAPL, SPOT)

Apple is planning to fund its own original podcast content, Bloomberg reported. 
Spotify slid on the news that Apple is increasing its investment to keep competition at bay. 
Competition in podcasting has ramped up as advertising revenue has increased from the medium. 
Watch Spotify trade live on Markets Insider.
Shares of Spotify slid more than 3% on news Apple plans to fund its own podcasts that would be exclusive to its audio service, Bloomberg reported, citing people familiar