Nokia Corporation (ADR) (NOK) Unveils Enhanced Music App

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Finnish handset manufacturer, Nokia Corporation (NOKAnalyst Report) has enhanced its music service by introducing an advanced music app called Nokia MixRadio. The software, previously known as Nokia Music, can easily be downloaded from the Windows app store.

This new application is powered with a Play Me feature which allows constant streaming of ad free music, The app also plays the user’s choice gathering information from the listening habit of the user. The music available can be downloaded for free. Moreover, at an additional cost of $3.99 per month, one can download and listen to unlimited music while offline.

This unique and trendy music streaming application is expected to outdo music streaming apps provided by SIRIUS XM Radio Inc. (SIRIAnalyst Report) and Pandora Media, Inc. (PSnapshot Report).

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Nokia is gearing up for the upcoming holiday season with the launch of its latest tablet and two new 6 inch smartphones, Lumia 1320 and 1520. Moreover, the company has launched three Asha flagship phones, Asha 500, 502 and 503, costing $69, $89 and $99, respectively.

In the recently concluded third quarter of 2013, the company sold 8.8 million Lumia smartphones, up 40% from the prior-year quarter. Thus, it is highly anticipated that the company will generate strong sales during this holiday season mainly buoyed by launch of high-end gadgets, feature phones and apps.

Microsoft Corp. (MSFTAnalyst Report) has decided to acquire Nokia Corp.’s handset business for $7.2 billion. Nokia’s shareholders have approved the deal. The deal is expected to close in the first quarter of 2014, only subject to regulators’ approval.

Nokia currently carries a Zacks Rank #3 (Hold).

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