Pandora Media Inc (NYSE:P) – opened up the box for big contenders
Pandora Media Inc (NYSE:P) the largest online-radio provider, dropped most in almost six months post the report in New York Times and CNET that mentioned that Apple plans on launching a competing service anytime this week. Pandora dropped 10.58% to $15.22 at market close in New York. This has been the company’s steepest one-day dip since Dec 5. The Oakland, California-based Pandora Media Inc (NYSE:P)’s stock had close to doubled in 2013, through May 31. Yesterday, The New York Times had reported that Apple is trying very aggressively to sign music-licensing deals to coincide with its launch announcement at its annual developer conference that is starting on 10 June in San Francisco.
Traditional music access methods
Of course there are several methods via which music can be accessed. You can spend a multitude of hours scouring Websites to listen to new clips or for new artists. You can frequently access message boards or music blogs. You can also view recommendations or even listen to podcasts and radio stations in the hope of coming across something appealing. However, all of these can get a little tedious at times.
What is internet radio?
With internet radio, looking for new music for your personal library is now a breeze. It is a potpourri of streaming audio that is available via the internet and can be accessed with the use of any browser or software player that supports streaming audio
The advent of these music-discovery, internet services have changed the way music is heard. Internet sites such as Pandora, Last.fm and TagWorld let you type in an artist or song that you want and you can instantaneously find music of that genre. Though the Pandora service may seem very similar to that which is being offered by Last.fm and TagWorld, it actually works very differently.
The Pandora difference
The “matches” on Pandora will be more dynamic and the difference lies in its “Music Genome Project”. Pandora does not adhere to the concept of user ratings, genre or user connections. When a radio station is created on Pandora, it uses an extremely radical and novel approach to deliver your specific selections. It analyzes the musical structures in the songs of your preference and plays other songs that have similar musical traits. The difference is in its outlook and approach and people have taken to it like a fish takes to water.