Is Apple About To Jump Into The Radio Business?
Pandora Stock Down 15%
September 7, 2012 at 4:03 AM (PT)
While the world is anticipating the rumored release of the iPHONE 5 -- APPLE has been working on another surprise -- one that will affect radio and existing webcasters. THE WALL STREET JOURNAL reports, "APPLE INC. is in talks to license music for a custom-radio service similar to the popular one operated by PANDORA MEDIA INC.,according to people familiar with the matter, in what would be a bid by the hardware maker to expand its dominance in online music."
The online radio service, targeted at PANDORA and iHEARTRADIO as well as other outlets, would be available on APPLE products such as the iPHONE, iPAD and MAC computers, but not on mobile devices running the ANDROID system, a source told THE JOURNAL. It's unknown at this time if WINDOWS PCs would have access to the service.
It's unknown if the offering will be introduced at APPLE's SEPTEMBER 12th event which is expected to roll out the iPHONE 5. As negotiations with record labels have only recently begun, it's expected any web-based radio offering would not be ready to discuss at this event.
APPLE has been wildly successful with its entrance into the music business. "APPLE has dominated the sale of song downloads since 2003 when it launched what was then the iTUNES MUSIC STORE," notes THE JOURNAL. "It has since become the largest music retailer, physical or digital, in the world."
Pandora Stock Reacts To The News
WALL STREET appears to be reacting to the APPLE news, sending shares of down sharply. Follow PANDORA here.