Remember MySpace? Contrary to what you might think, it’s not dead. In fact, the music-oriented social network launched a redesigned site and a new mobile app today that could put pressure on Pandora.
The iOS app’s coolest feature is an online radio service with a library of 53 million songs that users can tap to create and share customized radio stations.
This comes just days after Apple launched its own streaming-music service, iTunes Radio. Like Pandora, it lets users select stations based on the musicians, songs or genres they like.
The initial reaction to Apple’s service was underwhelming, and shares of Pandora climbed after the announcement, although the stock is still down 11 percent since the end of May.
Myspace (now with a lowercase “s”), meanwhile, is a favorite with musicians, and still has about 27 million users in the U.S. By comparison, Pandora had 70.1 million active users as of the end of April, according to the company’s earnings release — and it has a significant first-mover advantage.