Today in Tech: Is Google launching an iTunes competitor?

November 16, 2011, 11:02 AM UTC

Fortune’s curated selection of newsworthy tech stories from the last 24 hours. Sign up to get the round-up delivered to you every day.

“Little startups are ridiculously overfunded… The market is ridiculously overcrowded with early stage investors. This results in a talent drain, where the best talent gets diffused and work for their own startups.” — Entrepreneur Sean Parker (TechCrunch)

* According to John Stanton, chairman of the venture capital firm Trilogy Partnership, Steve Jobs once toyed with the idea of replacing mobile carriers by creating his own network with unused Wi-Fi spectrum. However the late former Apple CEO gave up on the idea some time after 2007. In other Apple (AAPL) news, the company named its director Art Levinson non-executive chairman of the board and Disney CEO Bob Iger a board member. (Macworld and All Things D)

* Google (GOOG) reportedly plans to unveil an online music market in Los Angeles this week that will essentially let its users store songs line and listen to them on their devices. (Bloomberg)

Former MySpace CEO Mike Jones

* Former MySpace CEO Mike Jones is launching a new venture called Science, aimed at developing digital businesses in-house, buying up outside startups, expanding them, as well as helping out later-stage companies. Jones believes his more centralized approach with Science will help lower the costs involved with startup launches as well as startup growth.

* Jack Dorsey’s mobile payment startup Square announced an updated version its software which lets merchants define frequent customers as “regulars” and reward them with discounts or free items as they so choose. The update also enables mobile devices to wirelessly connect to some cash drawers and receipt printers so customers can get a paper receipt. (Previously, receipts were limited to text or email form.)

* Intel’s investment arm, Intel Capital, announced the $100 million AppUp fund for investing in comparing creating applications and digital content for multiple devices. (VentureBeat)

* Felix Salmon on the future of online advertising. (Wired)

* My quick-hit review of Barnes & Noble’s new Nook Tablet, a great piece of hardware begging for a bigger ecosystem of services. (Fortune)

* How the Xbox was made. (VentureBeat)

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