It's not so much that everyone hated Apple Music and looked elsewhere. Instead, it's the concept that Apple has helped drive awareness to the streaming music industry, boosting growth for companies like Spotify.
The company is closing in on 100 million users, 30 million of which are paying subscribers.
Spotify isn't stopping at music though, as it plans to unveil video as well. The company plans to create 12 original series, which will include actors like Tim Robbins, as well as Russell Simmons, the chairman and CEO of Rush Communications and co-founder of Def Jam Recordings.
While it's not expected to dethrone music streaming by any means, the company is hoping video will lead to increased user growth. The videos will range from a few minutes long to 15 minutes.
Shares of Apple closed at $92.79 Monday, up 0.1%.
Shares of LendingClub (LC) - Get Report are taking it on the chin Monday, down more than 30% after the CEO announced his resignation. The drop occurred despite the company beating on EPS and revenue expectations.
Scott Sunburn will fill in as the interim CEO after Renaud Laplanche announced his resignation. So what happened? Apparently the company made a series of inappropriate loans.
The loans, made in March and April of this year, totaled $22 million and were made to individuals "who didn't meet the company's lending criteria," according to Silicon Beat.
The managers involved in the loans -- three in all -- have been fired as well. Investors have apparently launched an investigation into the company, while TheStreet's Jim Cramer, co-manager of the Action Alerts PLUS portfolio, said "this violation on the subprime package is really just about transparency, but it's not about any sort of fraud."
Shares of LendingClub closed at $4.66 Monday, down 34.3%.
Remember John McAfee? The guy behind the McAfee virus protection company that was later bought by Intel (INTC) - Get Report . Well, he's back in the public picture, as he takes over as CEO of MGT Capital Investments (MGT) .
If you've never heard of MGT Capital Investments, you're not alone. Shares zoomed higher by more than 30% on Monday following the news that McAfee would be joining in an acqui-hire move -- where assets from his company D-Vasive are being purchased and he is joining the company as CEO.
Even after the big move higher, MGT Capital only has a market cap of $8.3 million.
McAfee also plans to change the company's name to John McAfee Global Technologies. Making it even more strange is that MGT Capital also entered into consultation agreement with Future Tense Secure System, which is also led by McAfee, according to TechCrunch.
It's all sort of a whacky situation, and given the stock's incredibly low market cap, investors shouldn't be too surprised by the big move in the share price.
Shares of MGT Capital Investments closed at $0.50 Monday, up 37.1%.
This article is commentary by an independent contributor. At the time of publication, the author held no positions in the stocks mentioned.