Google unveiled a new music streaming service at its annual software developers' conference on Wednesday, sending its share price to surpass the $900 threshold for the first time ever.
Google joined the likes of Spotify and Pandora with its new Google Play Music All Access service into a crowded marketplace that's already bustling with competitors. All Access features music recommendations, playlists curated by Google's music editors and integration with users' music libraries - but unlike some of Google's competitors, users will have to pay for the service.
Google's "All Access" service lets users customize song selections from 22 genres, ranging from Pop to Heavy Metal, stream individual playlists, or listen to a curated, radio-like stream that can be tweaked. It will be launched for U.S. users first, before being rolled out to several other countries.
Google said that beginning today, All Access will cost $9.99 a month with a free 30-day trial. At $9.99 a month, Google's service is costlier than the $3.99 required for Pandora, but on par with Spotify.
The news spurred Google share price, hitting $900 at 9:33 a.m., just a few minutes after trading began in New York. By 3:34 p.m., shares had climbed about 2.4 to US$908.54.
With All Access, Google has adopted the streaming music business model ahead of rival Apple Inc., which pioneered online music purchases with iTunes.
