Google shares hit record high as it starts streaming music market to take on Spotify
Nikhil Kumar is The Independent's New York correspondent. He was formerly assistant editor on the foreign desk and has also done a variety of jobs on the city desk, where he wrote about markets, commodities and other business and economics topics.
Thursday 16 May 2013
Google's market value rose beyond $300bn last night after its shares closed above $900 for the first time.
The gains, which came as the company stole a march on Apple by making an entry into the streaming music market, were the latest in a months-long rally in Google's shares as investors grow confident in the Californian company's ability to draw profits from mobile devices.
As the stock rose by more than 3 per cent to close at $915.89, Google unveiled its new All Access music service at a San Francisco event. It will allow users in the US to listen to unlimited songs for a monthly fee of $9.99, following a 30-day trial. Those who sign up before the end of June will be offered a lower fee of $7.99.
The announcement , which positions Google against companies such as Spotify, comes against a backdrop of reports indicating Apple is working on making an entry into the streaming market.
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