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Stiff competition among technology giants for a share of the burgeoning online music streaming market has given traditional record companies a much-needed boost, a top Universal executive said Thursday.The music industry has been grappling for years with how to make money from music distributed on the Internet, and streaming services such as Spotify are seen as a possible model to generate revenues.News reports this month have suggested that Apple is eyeing a $3.2 billion buyout of headphone maker Beats Electronics -- mainly to capitalise on its recently launched streaming service, Beats Music.Microsoft offers music streaming through its Xbox Music service, while Amazon is reportedly working on something similar.Speaking to AFP at the sidelines of the three-day conference, Hole confirmed that Universal owns a "small equity stake" in Spotify, currently the world's biggest music streaming service.
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