Apple Inc's newest high-profile hire isn't sure he has a job title and won't commit to working full-time at its home base, but the iPhone maker is banking on Beats co-founder Jimmy Iovine to steer it through a changing music business. The recording industry veteran is joining up with Apple as part of its $3 billion acquisition of music streaming and audio equipment maker Beats. Iovine's "ear" for music and his entertainment industry expertise are valuable qualities for Apple, Senior Vice President of Internet Software and Services Eddy Cue said on Wednesday."Music is dying in the way that we've known it. It hasn't been growing in the way that we all want it to," Cue said, appearing with Iovine at the Code technology conference in southern California.Along with Beats co-founder and rapper Dr Dre, Iovine arrives at Apple as new online music streaming services such as Pandora Media and Spotify are gaining popularity. Streaming services are expected to eventually eclipse music downloads offered by Apple's iTunes store.The Beats subscription music service had amassed 250,000 users in its first three months of availability, according to Iovine, a relatively modest number compared to Spotify's 10 million paying subscribers.
Apple Inc. (Apple) designs, manufactures and markets mobile communication and media devices, personal computers, and portable digital music players, and a variety of related software, services, peripherals, networking solutions, and third-party digital content and applications. Shares of AAPL fell by 0.26% or $-1.62/share to $624.01. In the past year, the shares have traded as low as $388.87 and as high as $629.83. On average, 9564510 shares of AAPL exchange hands on a given day and today's volume is recorded at 11274555.
Pandora Media, Inc. (Pandora), is an Internet radio in the United States. Shares of P fell by 1.33% or $-0.34/share to $25.29. In the past year, the shares have traded as low as $13.95 and as high as $40.44. On average, 10883200 shares of P exchange hands on a given day and today's volume is recorded at 5418043.
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