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No. Spotify is licenced for personal use and will only stream on one device at a time. Why not get your son to set uo his own free account?
As mentioned you can not currently have two streams at the same time. There is a suggestion in the ideas section to have multi user accounts. If you like that idea, give it your kudos and might happen faster.
There is also the option of having one of you downloading the playlist and using it off-line.
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