As part of Windows 8.1, Microsoft (MSFT) is updating Xbox Music, which was announced last year, to allow users to create stations based on artists on music genres, the company said on Wednesday at its Build Developers Conference in San Francisco.
Previously, Xbox Music, which offers free, advertising-supported songs for computer and tablet users, did not have this option. A subscription to the service, which allows users to access the service on their mobile phones, as well as stream it live on their Xbox consoles, costs $9.99 per month.
The Microsoft announcment didn't seem to ruffle Pandora investors. Shares were trading up 6.9% to $17.55, with more than 7.9 million shares trading hands on Wednesday afternoon.Other technology giants have also announced "Pandora killers" in recent weeks. Earlier this month, Apple (AAPL) announced iTunes Radio as part of unveiling its new mobile operating system, ioS 7. Google (GOOG) also unveiled its streaming service, the aptly named Google Play Music All Access in May. Shares of Pandora have continued to climb in the face of increased competition in the Internet music sector, despite being much smaller than Apple, Google or Microsoft. The stock has climbed 91% year-to-date. Conversely, Google has gained 24%, Microsoft has rose 29%, while Apple has fallen 25% during the same time frame. Yesterday, Pandora announced that its service is now available on more than 100 different models of automobiles, with more than 2.5 million people signing up for the service as a result. --Written by Chris Ciaccia in New York >Contact by Email. Follow @Chris_Ciaccia
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV