Tech giant Apple (perhaps somewhat awkwardly) announced that it would enter the streaming music service business this week, but it’s not worrying the industry’s current top players.
Spotify and Pandora, the market leaders in streaming music services, both responded to Apple’s news that it will launch Apple Music at the end of this month.
Spotify CEO and founder Daniel Ek tweeted just two words, “Oh ok,” before deleting the tweet later. He also tweeted an article that criticized Apple’s effort to replace its news app with something resembling Flipboard.
Ek has reason to be haughty. The Wall Street Journal reports that the company has raised more than half a billion dollars in its effort to compete, putting the company’s value at around $8.5 billion.