Updated from 11:10 a.m. ET to provide analyst comments and updated stock price in the fifth paragraph.NEW YORK ( TheStreet) -- Apple's (AAPL - Get Report) iTunes Radio received much of the fanfare and press at its developer conference last month. Initial reports indicated the streaming service was just a "me-too" effort, but it may be much more.
iTunes Radio is similar to Pandora, but a much nicer UI. Also has songs you've bought installed. #WWDC— Chris Ciaccia (@Chris_Ciaccia) June 10, 2013Research firm BTIG has demoed the service, and from the looks of it, perhaps initial reports were wrong about it being a "me-too" offering. Maybe Pandora, Spotify, and to a much lesser extent, Google (GOOG - Get Report), with its Google Play All Access Music service, do have something to worry about. BTIG's Rich Greenfield issued a note regarding Pandora, saying Apple has picked up its game with iTunes Radio. In the research note, he noted there was an increased amount of content from the original beta, as well as a much better, "and increasingly accurate/fast Siri performance." He mentioned there were no "annoying pop-ups display ads like you find in Pandora." Greenfield rates Pandora shares "sell." Shares of Pandora were lower in Wednesday trading, off 7.18% to $18.24 on heavier than normal volume. Here's a YouTube video of the research firm demoing the service. -- Written by Chris Ciaccia in New York >Contact by Email. Follow @Chris_Ciaccia