Pandora followed in the footsteps of other online start-ups when it went public this week, valuing its initial public offering, or I.P.O., at $16 a share. The music-streaming site allows users to create personalized radio channels, and investor enthusiasm abounded when Pandora stock opened at $20 a share yesterday.
But unlike other start-ups that have taken the I.P.O. plunge, Pandora is already on the way down. In only its second day on the market, Pandora stock closed today below its I.P.O. at $13.26 a share.
In other news…
• Music streaming service Spotify, the toast of Sweden, will finally be coming to the United States. As reported by the Silicon Valley Watcher, Spotify’s Jonathan Forster dropped the news at a London conference this Tuesday that Spotify could be expected to launch in the U.S. by July 5. We’re already shivering with antici … pation.
• Steve Jobs is ruining our fun. According to U.K. paper The Sun, Apple allegedly filed for a patent 18 months ago that would be able to detect when an iPhone was being used to film a live concert—and disable the iPhone’s camera function. Apparently concert folks don’t like it when their shows appear for free on YouTube. Does this mean that to catch precious moments like this and this, we actually have to attend the shows?
• Remember in the early 2000s when Kazaa was just another shady, peer-to-peer, file-sharing service that clogged your computer with spyware? Well, now it’s legit, legal, subscriber-based, owned by Atrinsic Inc.—and the responsibility of Stuart Goldfarb, Atrinsic’s newly named president and CEO. Goldfarb said in a press release that he is excited to grow Kazaa, “one of only a handful of companies that has license agreements with the record labels … .” Oh, how times have changed since our dorm-room days.
Industry Wrap is a weekly CMJ column covering industry-related music news. Send tips to Christine Werthman at email@example.com.