Join        Login             Stock Quote

Google (GOOG) Music-Streaming Would Strengthen Record Industry: Universal Executive

 February 27, 2013 02:39 PM

(By Balachander) Google Inc. (NASDAQ: GOOG) plans to launch a music-streaming service later this year would strengthen the record industry, an executive at Universal Music Group said.

The serach engine giant is already in negotiations with major record labels to license their music, according to reports.

Francis Keeling, global head of digital business at Universal Music Group, told the Guardian that Google's scale could turn millions more music listeners into paying subscribers.

[Related -Boost Your Dividend Yield]

Google moving into the music streaming market would give the record industry a welcome boost on its path to recovery, Keeling said.

Google's upcoming music-streaming service will work with both Android and non-Android devices, Bloomberg reported quoting people with knowledge of the situation.

The "worldwide service" intended to take on Swedish service Spotify is rumored to be unveiled in the third quarter of this year. The service will offer paid users free unlimited listening supported by ads along with an ad-free premium service.

Google unveiled a cloud-based music service in 2011 to take on Apple's iTunes, which accounts for 60 percent of global digital music sales in 2012.

[Related -Fusion-IO, Inc. (FIO): Can Fusion-IO Q2 Results Cheer Street?]

On the other hand, Apple Inc. (NASDAQ: AAPL) is also believed to be working on a music streaming service.

Spotify lists five million paying subscribers and 20 million users of its ad-supported service in 17 countries, Bloomberg reported. Spotify generated revenue of around $500 million last year, according to Techcrunch.

iOnTheMarket Premium


3/3/2013 8:32:35 AM
by ER856
So will google purchase spotify or will they just launch a rival service??? I'm confused :0 Anyway, I prefer not to use either of these options and just stick to music.torchbrowser.com, which is a great streaming site that I recently started using and it's awesome! Good luck ya'll.
Rating: (3) (0)
Post Comment -- Login is required to post message
Alert for new comments:
Your email:
Your Website:

rss feed

Latest Stories

article imageIn A World Of Artificial Liquidity – Cash Is King

It's more crucial now than ever for people to consider extracting a portion of cash from their bank read on...

article imageDid The IMF Provide Support To Syriza?

The IMF published yesterday a preliminary analysis on the debt sustainability of the Greek read on...

article image3 Defensive Stocks Offering Safety, Yield In A Turbulent Market

The world can be a scary place to invest these days. Greece can't pay its debts, Russia is a mess, China's read on...

article imageFour Stocks in the Dow Making Fresh 52 Week Lows

“What gets weak tends to get weaker; what gets strong tends to get read on...

Popular Articles

Daily Sector Scan
Partner Center

Fundamental data is provided by Zacks Investment Research, and Commentary, news and Press Releases provided by YellowBrix and Quotemedia.
All information provided "as is" for informational purposes only, not intended for trading purposes or advice. iStockAnalyst.com is not an investment adviser and does not provide, endorse or review any information or data contained herein.
The blog articles are opinions by respective blogger. By using this site you are agreeing to terms and conditions posted on respective bloggers' website.
The postings/comments on the site may or may not be from reliable sources. Neither iStockAnalyst nor any of its independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. You are solely responsible for the investment decisions made by you and the consequences resulting therefrom. By accessing the iStockAnalyst.com site, you agree not to redistribute the information found therein.
The sector scan is based on 15-30 minutes delayed data. The Pattern scan is based on EOD data.