Pandora buys out Bankrupt Rdio | radioinfo

Pandora buys out Bankrupt Rdio

Tuesday 17 November, 2015

Pandora is paying $75 million dollars to buy out Rdio assets, including technology and intellectual property, in the fall out from of the company's bankruptcy.

The music streaming market has become crowded with options and companies are fighting for subscriptions and listeners.

The Wall Street Journal yesterday reported that Rdio is seeking chapter 11 bankruptcy protection and shutting down because “the planned sale to Pandora is contingent on such a filing.”

Pandora announced plans to expand the Pandora listening experience by late 2016, pending its ability to obtain licenses from record companies, it will also offer some Rdio employees roles with Pandora after the deal is finalised. 

Rdio said that they had more than 98,000 paying US subscribers. The news of their bankruptcy is not surprising when you compare those figures to that of a company like Spotify that claims to have at least 20 million paying subscribers world wide. 

Pandora has released a statement saying: “Pandora is not acquiring the operating business of Rdio, and is acquiring the technology and talent to accelerate its own business strategy.”

 

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