Pompano Beach, FL -- (SBWIRE) -- 01/10/2013 -- There are many followers of US most innovative tech titan Apple Inc. (NASDAQ:AAPL) but it looks like Amazon.com (NASDAQ:AMZN) has left behind every follower that was walking on footsteps of legendary Steve Jobs company.
First Amazon.com decided to launch its tablet, Kindle Fire, which gained much of the customers affection than any other tablet except iPad, but now the company has fired up rivalry against Apple's (AAPL) iTunes Store by rolling out AutoRip, providing customers free MP3 versions of physical CDs they have previously purchased.
Since Thursday, buyers who purchased any of the 50,000 AutoRip-eligible CDs from the Amazon Music Store from 1998 headlong would be capable of accessing digital versions straightaway through members’ accounts on Amazon's Cloud Player.
Does this new AutoRip service can turn Apple’s iTunes RIP? Find out after this analysis
It seems a robust move by online retailer but still it has to do a lot of work to stand in front of Apple and Google music units.
AutoRip would contend with Apple's iTunes Match service, which scans a member’s music collection and keeps it in the cloud for £21.99 per year, and Google (NASDAQ:GOOG) Music’s free scan-and-match service.
In stock activity Apple (NASDAQ:AAPL) shares crept up a bit to $518.35, healing some of Wednesday’s wounds.
After the Thursday session starting bell, stock of rare earths producer Molycorp Inc. (NYSE:MCP) plunged almost 22% following the firm cautioned that anticipates lower cash flow and sales in this year as compared to previously predicted.
What made Molycorp to fall on knees in trading activity? Find in this report
The firm also reported that it would not move further with the scheduled next phase of development at its Mountain Pass, Calif., manufacturing unit until it witness an enhancement in rare earths demand, prices, and easier access to capital.
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