Rdio files for bankruptcy, remnants bought by Pandora
The strain of competing with the likes of Spotify and Apple Music has taken its toll on streaming service Rdio.
The company has filed for bankruptcy and its assets have been acquired by personalised radio company Pandora, it was revealed on Monday.
Pandora has bought the leftovers for a fee of $75m and plans to build Rdio’s streaming service into an ”expanded Pandora listening experience” before the year is out.
It now seems Pandora is ramping up for a full assault on the streaming market, combining its custom radio service with a fully-fledged subscription streaming platform that can match the major players in the market.
Last month Pandora also integrated live event sales through the purchase of the Ticketfly platform.
“We are defining the next chapter of Pandora’s growth story,” Brian McAndrews, Pandora CEO said in a press release on Monday
“Adding live music experiences through Ticketfly was a transformative step. Adding Rdio’s impressive technology and talented people will fast-track new dimensions and enhancements to our service. I couldn’t be more optimistic about Pandora’s future and the future of music.”
See also: Best streaming service
Rdio will wind down its own-branded service in all markets upon approval of the transaction, while all staff members will be offered jobs at Pandora.
Pandora says the deal will built on its position as the “definitive source” for music.
Right now, for non-US residents it means less choice for streaming customers. Whether Pandora plans to broaden outside of its US homeland remains to be seen.