Business, Economics and Jobs

Apple launching online radio to rival Pandora in 2013, report says

apple-app_store-08-03-2012.jpg

Apple CEO Tim Cook speaks during an Apple product launch event at Yerba Buena Center for the Arts on March 7, 2012 in San Francisco, California. Apple announced the launch of the new iPad 3, but forgot to tell anyone that they made some big changes to the App store as well.

Credit:

Kevork Djansezian

Apple fans have something to look forward to in the new year.

Bloomberg News reported Apple is reportedly in advanced talks with major labels to launch an online radio service to rival Pandora in 2013. Those talks focus on how to share advertising profits, and Bloomberg said a deal could come as early as next month.

The news sent shares of rival Pandora stock plunging over the course of the day's trading.  Shares in the Internet radio's were down some 12 percent by the end of trading on Thursday.

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Apple is among a number of companies trying to find new ways of selling digital music, amid sagging sales for music downloads, Bloomberg reported.

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The news comes fresh of the much-anticipated iPad mini reveal, as Apple reported fourth quarter earnings Thursday that missed some analysts' estimates as customers waited to buy the next generation of iPads, holding off on new sales.

On Thursday, Apple shares fell over 1 percent in regular trading and were halted in after-hours after further declines.