NEW YORK (TheStreet) -- Shares of Pandora Media (P) closed down 3.75% to $17.70 in Monday's regular trading session, after Apple (AAPL) unveiled a competing music streaming service called Apple Music at its Worldwide Developers Conference in San Francisco earlier today, CNBC reports.
Apple's new subscription service, which costs $9.99 per month, will be available starting June 30.
Apple Music will also feature a music station, and will allow artists to share music and photos on its platform, CNBC added.
Oakland, Calif.-based Pandora provides Internet radio services on smartphones, tablets, traditional computers and car audio systems, as well as a range of other Internet-connected devices.
Pandora provides service through two models including a free service and Pandora One, generating revenue from advertising.
The company's playlist generates algorithms that predict listener music preferences.
Insight from TheStreet's Research Team:
Eric Jackson commented on Pandora in a recent post on RealMoney.com. Here is a snippet of what Jackson had to say about the stock:
This is, of course, due to the expected announcement today that Apple is launching a new and improved music streaming service. Apparently, the company was trying to finalize deals with all the key music labels over the weekend.