Much beloved music streaming company Pandora is taking quite a beating in just its second day of public trading. After making its IPO yesterday, the stock price started to inch downward, but today that inching became a free fall. The Stock price fell 24% today to a bit over $13 per share. Additionally, it is still slumping in after hours trading.
In what's starting to become eerily reminiscent of the Dot-com boom that took place in the 1990s, the popular tech companies to today are trending towards going public. LinkedIn started it by soaring 170 percent on its first day of trading, which no doubt prompted Groupon to file for a $750 million IPO. Now Pandora wants in on the action and has filed for a comparatively modest $109.5 million IPO.
According to our favorite people, "sources close to the deal", Facebook has partnered with Spotify to bring its music streaming service to American shores. The service will be integrated with the Facebook website right in the news feed. The real kicker here, the service could launch in as little as two weeks.
Have you gotten your invite yet? No, not the one to the party, but to Google's Music Beta service. Don't hang your head and pout if you haven't received yours yet, it will probably arrive soon, assuming you requested one in the first place. Word on the web is that Google has begun sending out invites to us regular folk, opening up the beta service to non-Xoom owners.
Battered and beaten up in court, peer-to-peer file sharing service LimeWire has agreed to pay $105 million in damages to major record labels, the Recording Industry Association of America announced. The settlement ends a jury trial that began last week to determine the amount of damages LimeWire would owe, which could have ended up being 10 times the amount of the settlement, or more.
Word on the web is that Google later today is going to launch a music service, but not as originally intended. After being unable to hammer out agreements with record labels, Google is said to be following in Amazon's footsteps with a digital music locker service without any licensing deals in place. Music Beta by Google, as the search giant plans to call it, will let users upload their tracks to a storage locker in the cloud where they can be streamed and downloaded to any Internet connected devices.
Frankly, if someone had told us that MySpace was just going to be shuttered, we would not have been surprised. But it looks like the sale is going ahead and bids from no fewer than half a dozen potential suitors are expected this week. If that wasn't shocking enough, the value News Corp. insists on getting out of the faltering social site is something else.
We are quickly nearing the one year anniversary of the first time Google demoed music downloads on Android, and Google Music is still a no show. We've been hearing that Google's discussions with the music labels have hit the skids, but El Goog might be working a new angle. According to Cnet, Google is in talks with Spotify to run its music service.
If you've been waiting with bated breath for Google to launch their iTunes competitor, take a breath. No, it's not happening, we just don't want you to pass out during the wait. A report from All Things D indicates that Google's talks with the recording industry have broken down. The situation is so bad apparently, that Google is reconsidering their entire approach to Google Music.
Spotify, the popular European music streaming service that's still trying to figure out how to break into the United States, is making some changes that will hit current users of its free service like a gut punch. Announced today in a blog post, the total listening time for free users has been cut in half from 20 hours a month to just 10 hours. Ooph. And starting May 1st, any user who signed up to the free service on or before November 1, 2010 will only be able to listen to individual tracks five times per month (if you signed up after, there's a 6 month grace period).