Google Is Buying Songza [Google Inc(NASDAQ:GOOG), Pandora Media Inc(NYSE:P)]

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July 2, 2014 1:21pm ETF BASIC NEWS

googleGoogle Inc(NASDAQ:GOOG) is making a play in the music streaming business. It is buying a small relatively unknown start-up based in Long Island City, New Yorkm, called Songza, for

an undisclosed sum.

However, the New York Times reports Google paid more than $39 million for the service. Songza has just about 5.5 million active users, a fraction of rivals like Pandora Media Inc(NYSE:P) and Spotify, each of which as tens of millions of users. Songza’s technology uses factors like time of day and a listener’s location to create custom playlists. The company’s CEO said that technology could translate to other uses, beyond music.

“We can’t think of a more inspiring company to join in our quest to provide the perfect soundtrack for everything you do,” Songza chief executive, Elias Roman, said in a statement.

Yahoo Finance Senior Columnist Michael Santoli said Google is experimenting with many different areas and this is part of Google’s new campaign to organize information.

You can see the full “Hot Stock Minute” segment below:

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