NEW YORK ( TheStreet) - On Friday, shares of Internet radio giant Pandora (P - Get Report) plummeted by almost 17% -- closing at $10.47 per share when rumors surfaced that Apple (AAPL - Get Report) was looking into entering the already crowded space of streaming audio entertainment, an environment that includes (among others) Spotify and Sirius XM (SIRI - Get Report). Although just a rumor at this point, I couldn't contain my immediate reaction: "It's about time."You see, when it comes to music Apple is far from an amateur. After all, its popular iTunes platform not only revolutionized how songs are bought and sold, it saved the music industry altogether -- from the likes of Napster, Bearshare as well as any other rogue outlet or application seeking to steal the works of artists under the pretext of "freedom." Now, if it indeed wants to take it a step further, the music industry must oblige. It's their duty.
A Streaming Apple Could Doom Pandora, Sirius
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