Days After Launch iTunes Radio Is 45% As Popular As Spotify, Pandora Stock Drops 10%
Four days after a September 20th launch, Apple has announced that more than 11 million unique listeners have already tuned into iTunes Radio. The most listened to song was “Hold On, We’re Going Home” by Drake. Wall Street punished competitor Pandora, sending it's stock down 10.11% to $24.26. Apple stock rose 5% to $490.64.
After early reviewers gave iTunes Radio mixed reviews last week, shares of Pandora were up $1.71, or 6.7% to $27.35, Shares have nearly tripled this year and were their highest since Pandora's IPO in June 2011.
“Whenever Apple decides to get into a business, it has proven to be a huge disruptor,” Paul Sweeney, an analyst with Bloomberg Industries, said in an interview.