There's already competition in this space, since iHeartRadio and Spotify besides Pandora offer an algorithm that make custom song choices. Rumor has it that Apple's service will be different in that it will offer a lot greater interactivity than any of the other services however, and their license fee to the labels will be larger as a result.
That said, you can see the shakeout coming already. Pandora's stock fell 17% on Friday, and you'll see a giant change overnight not only in that part of the industry, but online music in general if Apple's service comes to pass.
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