Andre Yoskowitz
5 Dec 2009 0:58
Apple has confirmed that it will be purchasing music streaming service Lala although financial details have not been released as of yet.
Lala had been struggling and the CEO recently announced that prospects of turning a profit in the near future were slim to none. Lala has an 8 million deep song library and allows users to stream unlimited for 10 cents a track or purchase the track for $0.79.
The new purchase will allow for Apple to add full-length streaming to iTunes instead of the current 30-second clips and could even lead to a streaming radio service for the platform.
Lala and similar service iLike currently partner with Google to allow for quick discovery of music via the search engine.
Apple has $31.1 billion in cash and likely could purchase Lala for under $500 million.