AM News: Pandora Debuts Above $20, Shazam Buys Tunezee Tech, Ticket Truths, Games Slump & More
Pandora launch it's IPO today opening at $20 over its $16 asking price designed to net a $2.5 billion valuation. Morning trading ranged from $23 - $25. Some analysts are warning investors to stay away but I have "5 Reasons I'd Buy Pandora's IPO".
- Mobile music identifier Shazam is buying technology from Tunezee that shows song lyrics in sync with a currently-playing song. (paidContent)
- Ticket Truths - Pollstar Editor-in-Chief Gary Bongiovanni discusses the two ugly truths bestowed upon the public with the release of the new book “Ticket Masters: The Rise Of The Concert Industry and How The Public Got Scalped.” (Pollstar)
- Gaming: Video games hit lowest monthly U.S. retail revenue from physical product since Oct. '06 in May. Total sales of $743.1M, including hardware, software and accessories compared with $866.8M a year, a 14% drop, according to NPD. (Hollywood Reporter) Hackers LulzSec are wreaking havoc at online gaming sites and started to take requests. (Mashable)
- Music's Racial Divide: An Industry Built on Black Talent Still Lacks Black Executives (The Wrap)
- Facebook is developing an iPhone photo sharing app. (TechCrunch)
- Sony’s official Music Unlimited app launched for Android (AH)
- Investment firm Clarke Inc. has sold Canadian music licensing firm Countdown Media for $5 million.
- Brain behind Apple Stores, Genius Bar poached by J.C. Penney (ars)
- Hosts from four top radio stations around the country will star in Dish Nation, a new Fox TV series airing in selected markets this summer. The entertainment magazine show will feature Hot AC WPLJ/New York's The Big Show with Scott Shannon & Todd Pettengill; Urban WHTA/Atlanta's Rick Smiley Morning Show; Hot AC WDVD/Detroit's Blaine & Allyson and Rhythmic CHR KPWR (Power 106)/Los Angeles' DJ Felli Fel (who also is set to host MTV's relaunch of Pimp My Ride). (FMQB)