Music streaming service Deezer plans a flotation on the Paris stock exchange by the end of the year as it tries to keep up with larger, deeper-pocketed rivals such as Apple Inc and Sweden's Spotify.The company has 6.3 million subscribers who can listen to a catalogue of 35 million songs for 9.99 euros a month.Deezer, which analysts expect to achieve a stock market valuation of about 1 billion euros ($1 billion), and its rivals represent a shift in the music industry, away from buying and downloading tracks to listening online to songs stored remotely. Although growing rapidly, such streaming services are as yet unprofitable, since they have high costs for licensing music and face challenges persuading people to upgrade from free versions. They have also been criticised by artists such as pop star Taylor Swift for not paying them enough.
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 traded higher by 1.55% or $1.76/share to $115.21. In the past year, the shares have traded as low as $92.00 and as high as $134.54. On average, 58912500 shares of AAPL exchange hands on a given day and today's volume is recorded at 50243755.