There are quite a few streaming services out there in the wild, but, based on new reports it looks like there will be one less to consider.
On Monday, November 16, it was confirmed that the streaming music service, Rdio, will be acquired by fellow streaming service, Pandora, for a sum that equals up to $75 million. Specifically, Pandora will be paying millions for Rdio’s technology and intellectual property. Several Rdio employees will be making the leap over to Pandora as well.
That also means that Pandora is not acquiring Rdio’s operating business.
“Adding Rdio’s impressive technology and talented people will fast-track new dimensions and enhancements to our service,” said Brian McAndrews, Pandora CEO. “I couldn’t be more optimistic about Pandora’s future and the future of music.”
As such, Pandora is expecting to expand its services and launch new features sometime in the early part of 2016.
The deal is in place due to Rdio seeking bankruptcy protection, and a court will oversee an auction of Rdio’s assets at some point in the near future.
What do you think of this news?[via Pandora]