Pandora Shares Drop Over Apple Music Streaming Service Rumor
Rumors hit the internet last night that said Apple was going to launch their very own music streaming service comparable to Pandora. I was personally excited because Canadians have minimal choice with such music-streaming services. The best free-alternative to Pandora at the moment would be the recently expanded Songza.
While us Apple fans were in high spirits, Pandora and their stockholders were on the other end of the bandwagon. Pandora stock value has plunged in excess of 17% as a result of the rumor. I guess when a high-profiled news outlet starts a rumor, this is the result.
During the morning, Pandora’s shares in particular were down 17.1% at $10.42 a share. Until last night the music-streaming outlet actually saw a 15% growth during the past 3 months of trading.
With the next adaptation of iTunes, Apple is expected to kill off their unsuccessful social network ‘Ping.’ If they replace it with a free music-streaming radio service, count me in. I listen to music nearly everyday and enjoy a range of music; especially while working out. Trust me, I don’t want to spend thousands on music, that’s why Apple’s service would come to great use.
Poor Pandora, what music-streaming service do you use?
[via The Wall Street Journal]