It looks like Pandora is to enter the streaming music subscription game all thanks to the bankruptcy of another company, Rdio. This week Pandora announced that it was swooping in to acquire “key assets” of Rdio for $75 million in cash following Rdio’s bankruptcy filling.
According to The Variety, Rdio failed to actually gain any traction in the music streaming space, a space currently dominated by the likes of Spotify, Apple Music, and Google Play. From today its likely Rdio will no longer exist as Pandora isn’t acquiring the service fully, instead it’s cherry-picking pieces of tech from the service as well as offering roles to many of the Rdio team.
Pandora has announced that they’ll now be offering an “expanded listening experience” next year. The phase-out of the Rdio service, according to Pandora execs, will be done at Rdios discretion.
“Whether streaming through radio, on-demand or in-person at live events, Pandora is building the definitive source for fans to discover and celebrate music,” said Brian McAndrews, chief executive officer at Pandora said in a press release. “Wherever and however fans want to hear music, we intend to be their go-to destination.”
“We are proud to have created an innovative and critically acclaimed global music streaming service. Given the state of the streaming marketplace, we have reached an agreement with Pandora –- a leader in music streaming that shares our passion for delivering the best possible music experience to music fans everywhere –- to purchase key assets from Rdio’s business, including intellectual property and technology,” announced Rdio in a Statement.