There is good news and bad news. The bad news concerns Pandora’s stock. The price has fallen as much as 10 percent after Apple claimed to have drawn more than 11 million unique listeners to iTunes Radio(That’s the good news), to $24.26 at close, $0.74 less than its initial offering price.
Apple climbed nearly five percent to $490.64 on the day, with an additional after-hours rise of $2.11, following a couple of investor-friendly announcements involving the iTunes Radio listenership, plus healthy iPhone sales. Apple’s iTunes Radio is currently only available in the US, and uses self-generated data from track sales since the iTunes store opened. Pandora’s data is also self-generated, and has been around over the last decade. Both companies want to expand to additional markets, but when that might happen is anyone’s guess.
We will have to see how Pandora counters this, but itunes Radio is obviously here to stay.
Source ElectronistaFiled Under: Apple