Amazon music service reportedly lacking Universal; Pandora +4.9%

Amazon's (AMZN) Prime streaming music service won't feature Universal Music's catalog, the NYT reports. The NY Post reports something similar, while adding the service is expected to launch tomorrow.

The NYT also states the ad-free service "will omit most new releases" - BuzzFeed has reported only songs at least 6 months old will be offered - and that Amazon "used an outside firm to obtain 'compulsory' [songwriter] licenses" through federal copyright provisions, after publishers rejected proposed contracts.

Universal Music is one of the big-3 labels (along with Sony and Warner Music). Its artist list includes Eminem, Lady Gaga, Jay-Z, U2, and many other popular acts.

Pandora (P) closed sharply higher following the report. Its shares fell on May 30, after BuzzFeed's report arrived.

An Amazon event widely expected to feature a 3D smartphone launch is due a week from today.

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Comments (4)
  • manicdvln
    , contributor
    Comments (1549) | Send Message
    A competitor entering the fray warrants a 5% jump? How does that work?


    Maybe we should actually wait for it to launch before pumping random stocks on rumor.


    Pandora is doomed, and it seems all the big tech companies are all saying to no to radio model and its fake users.
    11 Jun 2014, 05:32 PM Reply Like
  • shai.tha
    , contributor
    Comments (17) | Send Message
    manicdvln - Exactly. Agreed to your point. Today's action is based on pure rumor based speculation. I guess it would be down in coming days.....
    11 Jun 2014, 09:23 PM Reply Like
  • Budavar
    , contributor
    Comments (1411) | Send Message
    Usual AMZN smoke + mirrors to distract from its nightmare called Alibaba?
    12 Jun 2014, 01:21 AM Reply Like
  • Gary J
    , contributor
    Comments (11104) | Send Message
    That's quite a leap and makes no sense.
    12 Jun 2014, 12:56 PM Reply Like
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