There has been a lot going on with Nokia Corporation (ADR) (NYSE:NOK) as of late. We have discussed some of the company’s most recent changes in this piece, and there are sure to be many updates to come in the following days.
One of the most interesting stories over the past day is related to Nokia’s Mix Radio service, which now has some competition in the form of Apple Inc. (NASDAQ:AAPL) iTunes Radio.
While many would believe that an entrance by Apple into the market is sure to bite into Nokia’s market share, the company doesn’t seem to be too worried about this. In fact, it is welcoming Cupertino to the party with open arms. Sounds strange, doesn’t it?
Should Nokia Corporation (ADR) (NYSE:NOK) be Worried?
Apple recently revealed its plans to unveil it streaming radio service next week. While this is good for the iPhone maker, the competition has to be wondering what it will mean to this market as a whole.
Interestingly enough, Nokia Mix Radio has been in this space for quite some time. In other words, Apple is late to the party.
Earlier this year, Nokia Entertainment CEO Jyrki Rosenberg made note that Apple is lagging behind when the announcement of iTunes Radio was first made. He said, “We launched our streaming radio service in 2011. It’s interesting to see Apple react now and it seems they continue to play catch-up.”
Well, the time has come for Apple to begin playing catch-up. Its service is about to launch, and Nokia Corporation (ADR) (NYSE:NOK) will now be faced with some serious competition.
The real question is this: how long will it take for Apple to take over the market? Even more so: will Cupertino have what it takes to move to the top?
In a recent piece by Justin Harp of Digital Spy, Rosenberg didn’t shy away from the competition. In fact, he embraced it. “It’s good to see the launch of Apple’s radio service.”
This developing story is worth watching on a number of levels. Everybody wants to see what iTunes Radio will be able to accomplish, but at the same time it will be interesting to keep tabs on how Nokia Corporation (ADR) (NYSE:NOK) continues to develop in this space.