Google Hits $900, Rumors Swirl on Music Streaming (Update 2)
NEW YORK ( TheStreet) -- The music streaming service industry is about to get a lot more crowded, as Google
A Google music-streaming service could hurt the likes of Spotify, Rdio and Pandora
Google, via Google Play, already offers songs akin to what Apple
The Wall Street Journal reported the Internet search giant is going to announce its own music-streaming service, taking on Spotify, Rdio and Pandora
The Mountain View, Calif.-based company could also make several other announcements at its I/O developer conference, including a new version of its Android and Chrome operating systems. There are also rumors Google will announce new Nexus devices.
Google reportedly has already lined up deals with Universal Music Group , Sony Music Entertainment and Warner Music Group for the service. Apple
There have been rumors that Apple would acquire Pandora to compete in the streaming space. Given the recent buzz surrounding its own service, this doesn't seem likely.
Apple is credited with breaking the music industry model with iTunes, allowing users to legally download songs. In recent years, however, a growing number of users want to stream their music via the cloud, allowing companies such as Pandora, Spotify and others to fill a void. That's why it was big news earlier this week that Apple is allowing users to stream the new Daft Punk album, Random Access Memories , free on iTunes.
Google shares were higher in early Wednesday trading, up 1.94% to $904.35. Apple shares were off 1.57% to $436.88, while Pandora shares fell 0.72% to $16.63.