Yahoo unveils music service in the US

Yahoo goes in download business


11 May 2005 17:23 GMT / By Debbie Davies

Music stocks hit a low note Wednesday after Yahoo! Inc. unveiled its new online music subscription service and drastically undercut the prices of the current industry leaders.

"Yahoo! Music Unlimited" allows consumers to download an unlimited number of songs onto their portable MP3 players for $60 annually.

Yahoo!'s (Research) new online subscription music service is a direct challenge to such rivals as Apple Computer Inc. (Research), Real Networks Inc. (Research) and Napster Inc. (Research).

Apple shares fell over 3 percent on the Nasdaq, while RealNetworks shares plunged 22 percent.

Shares of Napster sank over 30 percent in trading on the Nasdaq. The company will post fiscal fourth-quarter earnings after the bell; analysts, on average, expect the company to report a loss of 63 cents a share according to First Call.

Yahoo! shares edged higher.

In separate news, Warner Music Group Corp. (Research) shares fell more than 7 percent in their market debut after the record company's initial public offering raised a less-than-expected $554.2 million.

Late on Tuesday, the record company's 32.6 million-share IPO was set at $17 per share, which was far below its estimated range of $22 to $24 per share.

Related
Full tags
Software, Online, Music downloads, Yahoo
UK Shopping
Amazon.co.uk, play.com, pixmania.co.uk, Currys.co.uk, Dixons.co.uk, 7dayshop.com, ebay.co.uk
US Shopping
Amazon.com, bestbuy.com, ebay.com

share Subscribe to RSS feeds email story save story print story pdf

Comments

(Will not be published)

  (Next time sign in to bypass captcha)

Latest in Software

Latest on Pocket-lint.com

About Pocket-lint

Pocket-lint is your one stop shop for gadgets, technology and consumer electronics, bringing you the low-down on the latest televisions, cameras, phones, GPS and much more. Whether it's learning about what's hot in the world of Apple, finding out about the latest home cinema kit from Samsung and Sony or merely seeing what not to buy, we have you covered. So check out our reviews, news, comment, hands-on photo galleries and videos. Enjoy.

Pocket-lint.com poll

Q. Do you still buy CDs?

Vote YES Vote NO

» LAST TIME
When asked Do you want the Droid by Motorola? 53% said yes and 47% said no

Top 10 Broadband

Compare 50+
broadband packages

Home Broadband »

Top products

tip us on news

reviews hub

Rss feed

Follow us on Twitter