Yahoo! Takes Center Stage With Music
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Yahoo!(YHOO Quote) has entered the business of selling music online -- and the businesses involved in selling music online are reeling from the news.
Yahoo! took the wraps off a beta version of a new service, called Music Unlimited, that lets subscribers play songs from a catalog that's a million songs deep, transfer tracks onto portable digital-music players and share music via Yahoo! Messenger. New subscribers will be charged $6.99 a month for the service, or at a rate of $4.99, if they sign up for a full year.
Yahoo!'s stock was little changed on the announcement, down less than a percent to $33.82. But the stocks of companies much more dependent on online-music sales suffered as Yahoo! elbowed its way into their core market. RealNetworks(RNWK Quote) was down 21% to $5.79, and Napster(NAPS Quote) was down 32% to $4.32. Apple(AAPL Quote), which has been trying to parlay the success of its ubiquitous iPods into steady music sales, was down 6% to $34.40. ...
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