Ouch. Not that it’s much of a surprise, but a little over twelve hours after The Wall Street Journalreported that Apple was going to create its own Pandora rival, prices of Pandora shares have tanked by over 18%.
It seems like the market is taking this as a very real threat, and no wonder: Apple has more to gain by entering the streaming music service space than you might think.
John Brownlee is Cult of Mac's Deputy Editor. He has also written for Wired, Playboy, Boing Boing, Popular Mechanics, VentureBeat, and Gizmodo. He lives in Boston with his girlfriend and two parakeets. You can follow him here on Twitter.