Apple Buys Out Music Streaming Company Lala.com
Apple Inc. (NASDAQ:AAPL) has bought out steaming music company Lala.com. Earlier this year Warner Music Group invested in Lala and it seems like their investment has paid off.
While this is good news for Lala’s board of directors, the acquisition may spell bad news for Lala users. Lala users can stream music an unlimited number of times for ten cents per song as of right now. Lala users may lose that ability if Apple starts to make some changes. Apple is highly interested in Lala’s engineering talent and technology for their music streaming in the cloud abilities. Lala has $35 million in funding from Bain Capital Ventures, Ignition Partners, and Warner Music Group.
The financial details are unknown.This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry