Pandora stock plunges 4% after Apple introduces its new music service

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Pandora CEO Brian McAndrews

REUTERS/Brendan McDermid

Pandora CEO Brian McAndrews

Pandora's stock fell more than 4% Monday afternoon after Apple announced its new music streaming service.

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After an initial plunge of 4.3% as Apple streamed its product launch, the stock is now hovering out at around 3.75% down.

Apple Music comes with a 24/7 online radio station called Beats 1, which will be free, unlike the rest of the product, which costs $9.99 a month for a single user, or $14.99 a month for a family plan with up to 6 users.

Besides radio, the full service has curated playlists and recommendations made by real people, not just algorithms. Pandora's premium product, which lets users get rid of advertising and skip more songs, costs $4.99 a month.

Here's a look at how Pandora's stock has moved:

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