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February 23, 2013
15:12 EDTAMZN, AAPL, P, GOOG, NOKGoogle looks to launch music streaming service, FT says
In a move that reflects Google's (GOOG) ambition to expand into new ventures and diversify its revenue streams away from advertising, which accounts for most of its revenues, Google is working to strengthen, its current download store with a streaming service that could take on the likes of Spotify, Slacker and Nokia (NOK) Music. Sources say Google is currently in the negotiation stage with record labels, and that its service would likely feature both paid and free, ad-supported components, says the Financial Times adding that the impending launch of Google's streaming music, may put pressure on Amazon (AMZN) and Apple (AAPL), which both have download stores but have not yet developed a commercial music streaming product.
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