Google (GOOG) Launches Online Music Store

Google Inc. (NASDAQ:GOOG) unveiled its new online music store on Wednesday as the online search engine company makes a move to challenge market leaders Apple Inc. (NASDAQ:AAPL) and Amazon.com Inc. (NASDAQ:AMZN).

The new music service from Google will include millions of songs from record labels EMI, Sony Music, and Universal. Music from the Warner Group will not be included. Google’s new service is primarily a music download store in a similar mold to Apple Inc’s eight year-old iTunes Music Store, the biggest music retailer in the world.

Google has signed up a number of independent labels as well and there was the vague promise of a potential Warner deal in the future. For now, Google is differentiating itself from the competition by allowing artists who self-release their music to directly upload their songs for purchase on Google Music and set their own pricing schemes.

Google, which introduced the service at an event at the Mr. Brainwash Studios in Hollywood, California on Wednesday, said consumers in the United States will be able to purchase the music through its Android Market, which offers smart-phone apps, electronic books and videos.

Google Music also lets users share the music they’ve bought with friends via the Google+ social networking platform. Once you’ve purchased a song or album from the Android Market, you can then send a stream to a pal using Google+ and they can listen to the tune once for free. The service, with prices similar to those on iTunes, will also be offering a free song of the day and is currently touting exclusive tracks from a number of artists, including Coldplay, the Rolling Stones and Busta Rhymes.

Shares of Google were trading at 611.10 at 8:42 am ET in the pre-market.

written by

Kyle Pinder has has over five years trading and research experience in the large cap space. While still in grad school, Kyle trades daily and keep Active Investor up to date with the latest breaking news coming out of Wall Street and Washington.
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