Tech

Google in the market for streaming music service

Apple’s Tim Cook got Beats. Now it is Larry Page’s turn to go shopping.

Music industry sources say Google is in the market for a streaming music service and has been quietly surveying the landscape as the sector explodes.

Although there are no official talks between parties, one source said: “They’ve been having discussions with banks about how they’re shaping their future music strategy.”

Google Play Music All Access, the company’s current subscription streaming service, has some obvious branding issues versus the competition. No short and snappy name or famous face like Dr. Dre to help market the product.

Meanwhile, YouTube, which is owned by Google, is set to create an internal rival, called “Music Pass,” with the aim of an October launch date on another subscription streaming service, sources said.

Some folks speculate that Google’s best option would be to snap up Spotify, which has a $4 billion valuation, 10 million paying subscribers — and a rapidly growing business. It is said to be on track for a fall IPO.

“The fear is that Spotify gets so big no one can catch them,” said one music industry veteran.

Spotify isn’t the only prize, however; there are others, including Pandora, Rdio and Rhapsody, to name a few.

“They have a very robust team there. They’re thoughtful and disciplined, and they’re going to make a ginormous impact,” said one source who knows the Google team.