Amazon (AMZN) Also Sees Downside on Google (GOOG) Music News (P)

Moving lower today on Google's (Nasdaq: GOOG) announcement of a new subscription music service isn't Pandora (Nasdaq: P); Amazon.com (Nasdaq: AMZN) actually saw some downside on the announcement today.

Amazon has been moving to make cloud-stored music a bigger part of what it does. When a user buys a music album from Amazon, they'll also have access to it in Amazon's cloud via its recently-introduced AutoRip service.

Additionally, reports in March had Amazon moving to start its own streaming music service, though nothing much has been reported since.

Google's music service is expected to be more like Spotify, offering on-demand content which is able to be steamed to PCs and mobile devices. The service will cost $9.99 per month, just about in-line with Spotify.

Shares of Amazon are down 0.5 percent.

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