Yahoo Low-Cost Music Service Hurts Rivals
Michael Liedtke (AP) reports on ABC Business News that:
Yahoo Inc.'s steeply discounted foray into online music subscriptions struck a sour note Wednesday with the shareholders of Napster Inc. and RealNetworks Inc. the owners of the rival services that stand to lose the most from the new competitive threat.
Napster's shares plunged $1.72, or 27.1 percent, to $4.63 during afternoon trading on the Nasdaq Stock Market, where RealNetworks' shares fell $1.56, or 21.4 percent, to $5.74.
Yahoo's entrance into music downloading business even hurt Apple Computer Inc., which runs the dominant online music store with more than 400 million songs sold since it opened two years ago.
posted by Fergie @ 5/11/2005 04:47:00 PM
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