will spotify be forced to play by her rules too? ♪ emily: i am emily chang, this is "bloomberg west." coming up, alibaba, we will look at the new plan to win over american shoppers. twitter laid down rules for its next as they could jack dorsey -- force jack dorsey to make a tough decision. sunshine sports solar, all of that is ahead on "bloomberg west." first to our lead, we are talking about alibaba. alibaba folding its company, 11 main, into another company called open sky. this is their initial foray into u.s. e-commerce. so far it looks like it has not worked out. joining us right now is the ceo and cofounder as well as jeff richards, long time investors in china. i know that you guys work closely with alibaba. jeff, i like to shop, i have never used 11 maine. it was only around for one year, did it just have zero traction? >> i don't think it has zero traction, but it never really took off and had no marketing muscle behind it. it was mostly set up as an experiment for them to learn and put together a team that could work with

spotify is about getting an exit.leiner perkins invested money and they want their tenant return and there is nothing wrong with that. the business model -- is it the right model or what we have an exit for a technology company reaping billions while decimating the industry by setting the bar too low. apple raised the bar. what it did inadvertently is a way to create a second wave of publicity by saying we will pay for these subscriptions and looking like a good guy. what they have is this new product and they want to get everyone into try it. everyone in the planet can try this for 90 days and if they like it it will continue. the revenue for -- will skyrocket and if the model works correct the, there will be more money now through recorded in streaming music than ever before. you ask the right question. what will it look like in three years because right now as the top line revenue is going up the amount of money we are making is going down. people are making less money as spotify grows its topline revenue and that

spotify is about getting in a.y won a 10 extra turn and there's nothing wrong with that but the problem along the way is -- is this business model the right model or will there be an exit for the technology company decimating the industry by setting the bar too low? what is wonderful about what apple did today is that they raised the bar inadvertently creating a second wave of publicity by saying that they will pay for these subscriptions while looking like a company who is a soul and a good guy. i can see their perspective, by the way, a great new product with 800 million potential users everyone on the planet can try this product for 90 days and if they like it it will just continue and suddenly the amount of potential revenue for copyright holders will skyrocket and if the model works correctly there will be more money now through recorded and streaming music than ever before. u.s. the right question. right now as the top line goes up for entities like spotify the amount of money on a per stream rate is going do

spotify, veryo of interesting what happened.le was making this announcement of this new music streaming which a lot of people are calling a spotify killer. very simple comment he had which he later deleted. "oh ok." it brings me to the next week. -- tweet. of peoplething a lot are looking at in terms of how it changes the competitive dynamics of the industry. you have pandora and spotify and tidal. title neverlled, existed -- tidal never existed. if jay-z was smart, he would make a move to sell tidal to google. what do you have? zeb: let's look more the upside. even though there might be competitive out there, there was a positive element to this developers conference. jennifer is head of the online store at apple. what was significant, it was the first time a woman has been the stage at the developer's conference for apple. we do not think about it but apple making a concerted effort to feature its women executives. a move to show the technology industry is not just about men. the customers responding. that is a reflection of w

i don't think this is a spotify killer.d be terribly shortsighted not to think that apple is going to make a real -- create a real presence for itself. betty: the older demographic -- is that a good thing? adam: i think it is because it then does take advantage of what is uniquely apple, which they trumpet yesterday extensively, which is that we are integrated, this sent the best -- synthesized and easy-to-use service. and that we will add the radio and streaming. i think it must of been quite smart on their pricing. they don't have an ad supported peer. there was a survey that came out in like the last 10 days or so that came out and said that thele in spotify will take premium package. nearly 17% of them either by him -- 70% of them either by into a subscription or they don't. apple is giving you three months and it's free. after that, you are in or you're not. i think that is probably a smart use of information that is there . betty: it is. the the three months since the -- the three months seems to be a cutoff point. ev

emily: spotify started abroad. it is in 50 countries.ra is in three -- the u.s., australia, new zealand. is that something you will figure out, or is this how your business is going to be? tim: i think international is inevitable. for us, it is a matter of finding the right license. emily: in the next era, will artists negotiate directly with streaming services? tim: we have done direct deals. the key is, do both sides understand the value the other brings? emily: it seems like tidal, apple, spotify, they get the buzz. does it affect the business? the stock is down from highs over the summer. tim: the little engine that could. we have been through a lot of ups and downs. that has been part of our dna as a culture. we are a modest culture. we treasure humility. it is a cultural principle. there has been 25 "pandora killers" we can count. we do not get frustrated by who has the limelight. emily: will pandora ever offer live traffic, weather, sports? tim: there is non-music, sports news -- i think that will eventually find a home on pandora

waythey can stream the same spotify will stream, too, and i disagree they will be disrupting spotify or existing players. there is a big advantage to early movers and digital business. in every business, but especially digital. they will be launching on 800 million devices. if they can convert at 40%, xmich is how much sirius converts, they have confidence of users and their ecosystem. they are going to give a three-month free subscription, i believe. at the end of that three months, if they can convert 40%, we're looking at quadruple the music business. and it's not going to come from spotify users. it's when to come from new people. scarlet: from new people, from iphone users. you -- appleto ask has been negotiating deals with major labels right up until the last minute. we heard from sony music that this announcement will definitely have to do with the apple streaming service. can you give us an update on that? yes, these negotiations went down to the wire. apple has been negotiating for different things, trying to get exclusive content. end, i think it's going to come down to sti

spotify is not making enough money for you.: i think it is true that some artists, by virtue of their popularity and scale, have the ability to command more and set the terms more. that is not true of the vast majority of artists. emily: is your music on pandora? is there a tim westergren station? tim: it is. it is called yellowwood junction. emily: will pandora ever offer live traffic and weather, sports? ♪ emily: the quest for the perfect playlist includes spotify, itunes radio, beats, i heart music, amazon music, tidal. how do you think about your competition? tim: anybody who has a radio product. broadcast radio is the biggest competitor. itunes radio, when it came out, direct competitor. when we think about our future, it is about, how do we remain the best playlist-building business around? i think so far the numbers bear it out. we keep growing in spite of this competition. emily: sirius xm, a competitor. apple buying beats? never underestimate apple. a very smart company. emily: beats music will be relaunched this summe

does spotify benefit from this in any way?at apple is trying it to do now is going to get people to pay attention to streaming music. for the first time in a couple years. that has to be good for spotify. music is not that big of a category. it matters to consumers out of proportion to its revenue imp t impact. i don't think when all is said and done it this will be important to investors. >> you mentioned the stock. what it might mean for the stock. shares right now have been flat for most of the morning but the stock has fallen in every wwdc week for the past decade except for last year. on that day shares fell 3.7% every year. as with most apple events, it's not been positive for the stock. this is remarkable over a ten-year time. >> you think how much has changed the last ten years, the fact there is even a trend is remarkable in its own right. this tends to not be one of those. when you look at the average price target across the street, roger, i wonder if you could comment on this just shy of $150. that's 14%, 15% from w

brent: they will face some headwind between pandora and spotify. this is an necessarily about making money from streaming music. it has largely been a very difficult game. this is about expanding the ecosystem. the sum total of apps and services bundled in with their devices. they have to sell devices in order to make money. they are hoping this music service will be the cherry on top of their ecosystem. brent: will this be the beginning of spotify's swansong, if you will? apple will be a main rival. will they decimate spotify? >> it very well could be. it they have an at -- a captive audience. in this new app is going to be bundled with their new devices that are sold with the next major update when it comes out in july. brent: we will see. thank you very much. sarah: the islamic state is claiming to take full control of the city of sert in lybia. -- libya. they are unhappy about a proposed deal to the conflict ridden country. brent: they submitted a draft proposal on tuesday. libya has had towo rival governments. south korea has reported its seve

they are attempting to take on spotify and pandora.is free for three months, then it will be $10 a month for individuals and $15 for families . apple will buy you unlimited access to tens of millions of songs. matt: you get all the songs you need. taylor swift. she is not on spotify and she got apple executives to agree to pay. she is on apple music, not on spotify. it is a free trial. give it a whirl as of 11:00 a.m. you have to upgrade your operating system to get it. we will go back live to athens to figure out what the situation is on the ground. talk about chris christie. can you be the president of the united states after locking up the george washington bridge for 4 hours? olivia: we will be right back. ♪ matt: the greek people are finding out how tough capital controls can be. the lack of cash is impacting everyone from taxi drivers to pharmacists. >> my business? it is down 50%. down,ime it is 50% because we don't have any money. >> they don't take a taxi. an hour for the bus, because they are afraid with they will do with the

also spotify the other big rival. so is apple's push into music streaming a real threat for the likes of spotify and pandora or has it left all of this a little too late. get in touch with us worldwide@cnbc.com or via twitter. our personal handles are on the screen as well. >> your take is its a bit late isn't it? >> i don't think it's a game changer but i also have to say i think this is the first time we're seeing beats, the mega acquisition it made we're now trying to see the fruits of the labor come to market here. >> we'll have to watch and see if this works. i'm going to download it and see what's happening but i'm not saying that i'm representative of people around the world. >> you're not a music streaming consumer. >> how do you listen to music? you download? >> yeah but now i can do it and stick to the ecosystem i like. >> yeah. people m peopleare saying the same thing. >> stay tune to cnbc later, u.s. squawk box will be discussing greece and the outlook for the italian economy with italy's finance minister

if you're spotify, would you be worried? >> spotify should be worry.rybody wants to get in on it. spotify has the largest market shea. there are other music services like pandora. right now spotify has the dominant position and my instincts is the biggest threat is apple. >> how do you think taylor swift's takedown of apple is going to influence the biggest group? >> most of them are pretty much the same. that's why spotify has the best thing. spotify got there first so most of your friends are going to be on spotify which gives you a huge advantage. there are big switching costs. people aren't going to leave. the one reason people might leave spotify and shift their title is exclusive music from their favorite artist. so if taylor swift says i'm only available on apple or google that could change. she hasn't done that. others haven't done that. so right now spotify still has the edge. >> does spotify still make money? >> yeah, they do make money. >> and apple is getting into the streaming service next week. what does that look for them? >> app snl. >>

it poses a realistic threat to intercede leader spotify. -- to industry leader spotify. >> as a music, one of my biggest rights is finding new music. so it hopefully will give me the opportunity to discover new artists and keep that playlist moving. >> other services provided, google and fees a, without to chip away at the subscribers. apple expects to reach that figure in under a year. genie: let's take a look at top stories. the turkish president is due to meet his prime it is to for the first time since the ak party fails to hold the party majority facing a coalition or snap elections. it has been one year to the day since the islamic state group took the city of mosul. one million residents there are under the militants' rule. as a seventh person dies from and the rs in south korea -- from mers in south korea, the government believes the worst is over. delon a desousa is on the set. you are starting with the news of a major strategy overhaul for hsbc. dark of the british banking giant announced it was axing 25,000 jobs. it plans on saving $5 billion in the next two years. chief ex

it matches spotify's previous spotify's premium subscription and compares with pandora, which has no ads and creates radio stations or you the artist you put in. that is $4.99 per month. the cofounder of beats has been conducting this presentation. it looks like it may be wrapping up at this point, but we have the fully fleshed out details now what exactly apple music will be. in terms of how much music, it looks like it will be 30 million songs available on the service. of we will see how they do versus others -- we will see how they do versus others in the field. scarlet: coming up, jeb bush heads to europe. we will talk about what is behind all of this international travel. ♪ this >> the apple developer conference is underway with tim cook just unveiling the highly anticipated apple music. joining us now from san francisco is daniel ives, managing director at capital markets. of all the different features and services at all is unveiling, which one is of the greatest importance to nvestors? daniel: streaming music is the banner announcement. it is not financially speaking going to

the bands want more money than they get from spotify.t in situations like jay-z's tidal. hopefully everyone can get paid better with apple then through spotify. mark: matt miller, i guess i'm going to the old folks tent. coming up in the "bloomberg market day," the greek debt crisis. the prime minister addresses parliament after delaying a payment. ♪ mark: is 11:00 a.m. in san francisco. this is the "bloomberg market day." mark: the strongest jobs report of the year. what it means for silicon valley. american crown heads for the triple crown. goy: 1 -- mark: once you business class, you can go black -- you can't go back. freudian slip. [laughter] mark: ok. it's friday. good afternoon. i'm mark crumpton. that was thelet: best line. let's take a look at equities right now. not much in the way of direction. punch. 500 basically the dow industrial losing 45 points, the nasdaq moving higher. the jobs report came in much be

unlike spotify. will not have a large free ad-supported service.e re/code says apple will not announce its tv plans next week because it has yet to finalize some of the licensing deals. we may not see apple tv until late they are year or even 2016. what were the expectations on tv first of all? >> on tv we were expecting to see a skinny bundle and the question was, which big broadcasters, which networks were going to jump into this. this music thing, i'm scratching my head. what problem is apple going to solve here? $10 music service? kind of a dime a dozen. a little disappointed if they don't innovate on top of that. this is their chance to show that the beats acquisition, $3 billion, was worth it. jay-z got title for $56 million and is up and running, charging $10 and $20 a month. let's see what apple can do. i've got streaming from sirius xm for $15 a month. for really good radio and curation. >> i hope they got more than that than drake. i don't care what music drake is listening to. they've got to give me more. >> we talk about how apple is th

spotify has 50 million paying subscribers. apple will be selling its service to the 800 who already use -- 800 million who already use its services. taylor music -- taylor swift took her music off of spotify. >> it is our job to make sure that these colossal corporations, the amazon's, apple's, uyoutubes spotify they are proper amount of revenue to the people who make the content. without the content, they haven't got a proper business model. reporter: apple pay is coming to the u.k. what was once just a computer firm now wants to be in every area of our lives. katty: maybe now we will get to choose what tunes we play. find more of the day's news on our website. thanks so much for watching. i will see you back here tomorrow. >> make sense of international news at bbc.com/news. >> funding of this presentation is made possible by the freeman foundation newman's own foundation giving all profits from newman's own to charity and pursuing the common good, kovler foundation, and mufg. >> build a solid foundation and you can connect

oh wait, that spotify thing.le's borrowing things from other companies and integrating them. >> that is normal. i believe if there is a good idea, it is more discovered been created. like the iphone, is a rectangular touchscreen. all phones are like that. emily: we are seeing a lot of enhancements to ios nine. how important are those in your app development? phil:? -- the apple echoes system -- ecosystem the split screen apps and the ability to run to apps at once that will make a huge difference. enhanced search capabilities is great. the watch will make an impact. evernote and productivity apps will get a boost. emily: a refinement year? phil: they focused on user experience today, increased security. those were themes. emily: an interesting comment from an executive about data. he says we are not interested in owning your data. it will all be on the device. we don't want it. is that genuine? brian: i think it is genuine, but -- emily: so it is genuine? brian: google is better and processing it. are they taking

spotify boasts 26% which is also very impressive. is looking to do twice of spotify. on the other hand, spotify has a huge, huge head start. they have planted their seeds in america and internationally. they have a lot of momentum going at this moment. this does not happen very often, but they have some catching up to do. yvonne: this does sparked the conversation about how we do need to season changes in the industry as well. a lot of these companies are trying to shift all the streaming of. do you see more artists will be joining in a long taylor swift to just boycott these services altogether? think toow, i don't many artists can really have that decision power. taylor swift, like you say, she's one of the biggest artists in the world. she can pull her album from a butlog or streaming service most smaller bands on smaller labels depend on those companies to get them on the streaming services. payingy, if anyone's attention they would know 2026 it willand be the biggest decade of growth for streaming music. any band, artist, singer

emily: should spotify be worried? guest: of course because it is a default and default are our full. they had apple maps and any time something is default, it has a big advantage. brian: they are going to bring music streaming mainstream. they have eight hundred million itunes users, so i don't view it as a threat to the incumbents. it's a big secular trend and they are going to make it legit. emily: if you look at the numbers and how much you can add to the bottom line, if they have 15 million subscribers, that's less than 1% of revenue. how big a deal is this for apple's business and product momentum? guest: i don't think it's a big deal and i think that came across in the presentation. we are doing music because we are music company and steve jobs loves music. the lack of focus is concerning and a big opportunity for the visit startups to do what they do best. guest: i think they are a major player in music and i think they can be a big player and it helps keep people in the ecosystem. financially, who cares. emily

michael: i would just like to see her get back on spotify. that is what i use and i'm a taylor swift fan. alix: spotify is boring. joe: i'm just going to ask for something practical. alix: fine, back on spotify. world peace. blog about greece. thank you for joining us. your --p, we will get president's take on when he things a deal will get done. ♪ alix: welcome back. i'm alix steel. write to some stopped tories -- some top stories is afternoon. -- supreme court will not the justices let stand a lower kurt decision that -- a lower court decision that locked irving picard from recovering nearly $2 billion. last year, code -- customers received payouts under bankruptcy protection laws. the high court also rejected an appeal by google in a case involving a street mapping system. of infringingsed on a patent by another california company. and tesla said its lower cost model s electric car is on schedule. a trade magazine reported the model three would be delayed until 2018. a spokesperson said the production will begin in 2017. full production th

fewer do opting for spotify. for the same price as an album you get a month of listening to whatever you want. it's a problem for itunes. apple will launch a streaming service similar to spotify. there bs been reluctance for apple to create the spotify-like model because it will cannibalize itunes sales. but the sales are shall enough they may as well. >> i didn't realize spotify has been around as long. >> for $9 a month you can listen to -- taylor swift is the only the one not on spotify. >> that's all you listen to. >> "shake it off". >> all the music ever created except for taylor swift. >> which is tough. >> i like taylor swift. >> the price of your sunny side up is going up. egg prices are on the rise. our nation's egg supplier is lower this this year because of the widespread outbreak of bird flu. according to the usda, more than 44 million birds have been affected. the current price of eggs more than last month. maybe it's time to get a chicken. >> get your own. >> more on that later in the show. it's a s

spotify launched 7 years ago.ore than 79 million active users at the end of marchand beats had 303,000 paying subscribers as of december. apple's long running tv service is being delayed. they haven't wrapped up licensing deals with content providers. apple is also still working on technology needed to deliver local programs. apple wants to bundle 25 channels for streamsing for 30 to $40 a month. back to you. >> landon thank you very much. there's a historic soccer match set to kick off between the cuban national team and the new york kosmos. perhaps the greatest soccer player of all times is with the cosmo's squad as it prepares for the game in havana. it's the first time cue maba played a team from the u.s. since 1949. >> it was real awesome to interview him. >> how does he compare to ronaldo? >> he achieved more in his career than they have done so far. ronaldo is ahead but he's still in a league of his own. >> love your soccer knowledge. >> moving on a powerful lightning strike in mississippi was too close for

now, spotify is growing users fast.ing that it has 20 million paying subscribers, double what it had a year ago, and that it has over 75 million active users, up 40% from a year ago. that puts spotify far ahead of rival deezer with 6 million subscribers, but behind pandora, which has 79 million listeners. they're not paying though. the big question is whether having newly deep pockets to pay artists and new video providers will help spotify stay ahead of apple, which happens to be the richest company in the world. kelly? >> that's a point. going to the artists, julia. that's a really interesting point. we'll have to watch it. julia boorstin with the latest on the streaming wars. thank you so much. meantime blackrock's steve schwartzman warning about the next financial crisis, saying this time the government will be to blame. we'll bring you the details and get the panel's take when we come right back. hier doesn't happen all by itself. it needs to be earned... every day... using wellness to keep away illness... and beli

spotify valuation is more than eight ilion dollars.he company raising 526 million dollars from investors including goldman sachs and baillie gifford pitching in $150 million for a 1.4% stake in the streaming service, spotify announcing they have 75 million users, doubling the pay subscriber base in just one year. can apple music keep up with this soaring growth and other internet radio services? >> there is a lot of novelty in this space that feature things that seem interesting and compelling but don't become habitual products for folks. we tend to shed those things in a hurry and focus on things that people use a lot of. it is ultimately about simplicity. people want to hear something that they love without a lot of us. -- foss. -- fuss. emily: the attorney generals in new york and connecticut are investigating whether music labels were pressured into favoring the apple music service. setting the rules may be a huge headache. investors cheer for a stock split, everything you need to know about the proposal ahead. ♪ ♪ emily: a story t

that value spotify at from pacifica this is democracy now! >> i am confident although it will take time and there will be setbacks and lessons learned that we are going to be successful. isil will be driven out of iraq and ultimately, it is going to be defeated. amy: a year after the islamic state seized mosul, president obama is poised to send another 500 u.s. military personnel to

spotify has more than 60 million users.apple and itunes, although it has been successful with music retail, now they want to launch a subscription service. it is all about getting subscribers to download. angie: apple changed the industry when they started the download. now, they have to shift years and change as the industry shifts to more free content. >> that's it. the musicians are saying, how are we going to get compensated? thank you for that. still ahead, our next guest talks about china's central bank. how to boost growth. when we return. ♪ angie: south korea has reported rs. 25 victims. in thes first identified arabian peninsula in 2012. it has affected more than 1000 people and killed 400 worldwide. the korean president postponed a because of the. outbreaks. the number of people killed by drinking tainted alcohol in india has risen to 94. over the weekend and 40 are in critical condition. police say it is the worst such incident in a decade illicit liquor is often spiked to increase policy. people died, 100 after

spotify lands a huge round of funding.s a eight billion dollar valuation and 20 million new subscribers. is it enough to fight off apple? air b&b tells the sec to back off. i will be joined by robin chase. and i will introduce you to what may be the most tech savvy school on the planet. all of that, ahead on "bloomberg west.” now to our lead story -- tesla shares took a hit today after elon musk announced that his cfo wants to retire. a tesla veteran, there from the early days. as he said on stage last night he has steered tesla through some tough times. there was also more promising news, the tesla suv is on track for delivery in three months to four months and construction for the giga factory, the giant that battery plant, is moving along. here to discuss it with me is robin chase, the author of "open vote or think," cofounder of zip car, and our own matt miller. i want to start with you. the cfo retiring, how big a loss is that? ben: he is an important figure that carried them through the important stage of the company

so if you look at spotify. 20 million paying members, it's future of music.f a trend where millennials and a lot of us want to simplify our lives and not collect a lot of stuff. we used to collect movies and dvds, some people wanted to collect a second home. now a soakedor third car, now it's uber and lyft. and music, who wants to have all of these cds around? people want simplicity in their life and all of these new services give you what a want, when you want it for a fair price and $10 a month. $15 a month. if you add it up it's a half dozen cds a year, 10 cds a year. >> it's like paying more to rent than to buy. do you think that's the economy of music that we're in. that people will spend dumb what they spend on average to buy and own this music just to rent it? >> yeah, you know i think it's $10 a month is a pretty reasonable fee and that's why spotify has 20 million members, it's pretty extraordinary when you think about it. people are voting with their dollars. for a start-up to hit 120 million paid subscribers is incredible. i'm not shareholder, just

earlier this week, and spotify has lost no time at all in upping its game. it has a fresh round of funding more than half a billion dollars. according to "the wall street journal," it brings spotify to a value of $8.4 billion, up from $5 billion last september. investors have believed to have triggered it but one internet company teliasonera -- it is protecting its corner of the market. genie: thank you for that look at music and business. time now for the press review. our correspondent is here with us to talk about the papers today. hi flo. lots of talk about the police officer who resigned in texas after the video went viral catching him on tape, wrestling a girl in a bikini to the ground at a pool party. flo: a lot of the teenager that this pool party were black. reporters sent there that reporters were sent to kinney, texas, a predominately white city. according to "the guardian," it was perhaps best known as being ranked as the best place to live in america, according to a poll by cnn's "money" magazine. now the city is falling into step with ferguson,

it comes at a time when spotify and pandora dominate the space. apple says it's product is different but that didn't lift the stock which finished to the down side. josh has more from the apple developers conference in san francisco. it does seem apple is late to this particular party. what makes it different? >> well apple's strategy is not as concerned with being first as being right. this was the most radical change to the music strategy we've seen in years. the new service called apple music. tim cook billing it as a game changer. there's three basic components. you'll have a streaming service, a 24/7 radio station and this new feature called connect, the whole idea being connecting artists to fans more quickly. the cost is $9.99 a month. the open question is whether apple has done enough to differentiate it's profit from competition. you think a spot identify which already claimed over 60 million users. 15 million of whom are paying subscribers. can they now win those over? what's the bottom line for investors? he says even if apple does matc

music streaming, spotify raising after billion dollars, taking a look at how competition or is this ahnology bubble? we are looking at that next. back in a minute. maria: welcome back. spotify razing hundreds of millions of dollars to combat the threat from apple at news greens service. nicole: good morning. and use extreme company spotify raised $500 million in its latest round of financing the company's value above that $8 billion mark. among investors is sweden's largest telephone carrier, they announced they will take an investment of $115 million for 1.4% stake, the founder is swedish and the timing couldn't be better with the apps, apple announced its intention to streaming music space earlier this week, spotify will need all the help it can get. apple music will begin to 60 million globally users. we are talking 30 million songs, $10 a month but spotify, valuation of $8 billion, bring pandora into this as well because pandora actually has larger music base, higher share of the radio listening market but as apple is entering in pandora stock pull back this week 7% so streaming m

this is a direct attack on spotify. it's xoetation for pandora. >> people can follow me on spotify. but the advantage apple has, it has 800 million people's credit cards. >> thank you. melissa, will you talk about apple on "fast money?" >> maybe a little bit. we'll be talking about tes lachlt it's up 3% ahead of the shareholder meeting tomorrow. that's tonight on "fast." >> a little tesla action and maybe a smidge of apple. >> maybe a little bit. >> thank you. >> thanks for watching. get your "power lunch" to go. "closing bell" starts right now. >>> hi and welcome to the "closing bell." i'm kelly evans. >> i'm simon hobbs in for bill griffith. dow, s&p and nasdaq all in the red, substantially cutting earlier losses with the nasdaq the hardest hit. the move lower in apple not helping. again, the stock is coming back right now. we'll take you live to the worldwide developer's conference coming up. >>> transports weighing on the nasdaq and broader market. airlines again, the hardest hit. look at these declines.

tom: taylor swift leaves in that she doesn't go to spotify. sam: she already didn't go to spotify.ngs that we have heard is that apple is cutting harder and better deals with the actual labels. it is pressuring them to back out of the contracts with spotify. what is going on there. ? sam: there has been tension with apple in the labels because apple wanted a lower price and the labels said no. we going to charge the same price as spotify and pandora and others. they are trying to navigate that territory coul. tom: could a new john lennon be paid today with rents? sam: perhaps maybe with more money. tom: but not with digital. brendan: the new john london cannot live in the f it -- i. tom: china coming up. michael holland will speak about his recent visit. i believe there are some level of some sorts in china. good morning. ♪ tom: good monday morning. after jobs day on friday, what a jobs day that was. thanks to all of our team for great coverage. we move on. let us get to our top headlines. vonnie: police using tear gas dispersed a crowd outside of a concert in new jersey. people go

, it is in the like it is spotify so hoist using it? that thinks that it is a bad idea, mike greenwich. >> you hat method man and marry jmary j. blige. >> mike said. >>> van morrison is awesome for that. another great one. >> sue it is raining where she is. >> yes you cannot rule it out. >> you can never rule out a pop up shower. >> so, is one of you from mississippi. >> we just love this song,. >> jackie, who works with her she said i thought it was an original. >> all right. it is 9:08 on this monday. theaters biggest night i hate that term, anyway big stars on the board up on broadway. >> great white way. >> yes tone a ward last night at radio city music hall. difficult not see them because i was watching basketball, but... >> ♪ >> that was so weird. >> she's supposed to be. >> that is from fun home taking home win for best musical. that is the first musical winner in history to be written entirely by women, thank you, mike. is there your other favorite book thaw read you loved this one. >> curious incident of the dog in the nighttim