Pandora Music Stock gets Rocked on News of Potential Apple Music Service
Pandora Media Inc. known for its streaming music service, is taking a beating in trading, down almost 20% amidst news of Apple possibly coming out with its own streaming music service.
It has been reported by the Wall Street Journal that Apple is in talks to license media to start its own Pandora-like streaming music solution. The sheer rumor of this potential was enough to cause Pandora’s stock to take a significant hit, even with no official news from Apple.
Though this news is interesting there is no shortage of competing solutions for Pandora. Companies like Last.FM, iheartradio, Spotify, and others have been vying for Pandora’s top spot. Pandora has done a good job of integrating its services into products such as car stereos, mobile devices, and TV enabled Apps providing a significant stronghold on the market.
Apple obviously has the customer base to create a successful solution, but the question will be if loyal followers of the Pandora solution will jump ship if an Apple solution is presented?
What I have personally found is that in trying all of the other solutions, I continue to end back at Pandora. I am a Pandora One user and love it. $36 a year for a subscription is a bargain in comparison to competing solution and I have access to the solution on about every device I own.
There is no doubt that I would give an Apple solution a try, but it will most likely end up that I use multiple solutions or end up right back to my good ‘ole Pandora.
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