Nokia Corporation (NYSE:NOK), just a day before its major event launching a new line of Lumia handsets that will run the new Windows Phone 8 operating system by Microsoft Corporation (NASDAQ:MSFT), has announced the launch of a new streaming service that will be provided on Lumia handsets, starting with the 710 and 900 models.
Nokia Corporation (NYSE:NOK), which is banking on the potential success of Windows Phone 8 in the smartphone market over the next few months to revive its brand in the U.S. and internationally, has announced the launch of a Nokia Music app for Lumia handsets, which will be an ad-free service to allow users to stream music from among libraries of millions of songs, from orchestral music to the current popular tracks. The service will require no registration or subscripton on the user’s part, and will be available on all Lumia handsets in the United States.
The music library can be accessed offline without the need for a cellular of Wi-Fi connection, and the service will also provide a “Gig Finder,” which would allow users to find live concerts and music events in the user’s local geographic area.
In a statement, Nokia Corporation (NYSE:NOK) vice president of entertainment Jyrki Rosenberg said, “The (U.S.) is the most vibrant and competitive digital music market in the world – by a wide margin. We have worked extra hard to ensure our service meets the expectations of the demanding, active and inspired music fans in the (U.S.).”
Nokia Corporation (NYSE:NOK) is doing all it can to revive its brand in the competitive smartphone market of the U.S., and providing additional entertainment options for smartphone users to compete with other phones will likely be an important aspect of the marketplace and will help neutralize the market, so Windows Phone 8 by Microsoft Corporation (NASDAQ:MSFT) can be the selling point for Nokia Corporation (NYSE:NOK). This additional application may be small but an important development for investors in Nokia stock, like hedge-fund manager Jim Simons of Renaissance Technologies.