Rdio goes bankrupt, to be acquired by Pandora

Well, this is sad news. Rdio has been one of the best music streaming services available in India and today, Rdio has announced bankruptcy and that Pandora will pay $75 million in cash to acquire the powerful muisc discovery and streaming platform. Pandora will acquire technology and intellectual property from Rdio and they will also offer ‘many’ members of Rdio’s team, roles with Pandora.

“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. “Wherever and however fans want to hear music, we intend to be their go-to destination.”

“We are defining the next chapter of Pandora’s growth story,” continued McAndrews. “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.”
“The Rdio team built an acclaimed product and technology platform that has consistently led innovation in the young streaming industry. I’m pleased that many members of the Rdio team will continue to shape the future of streaming music, applying our tradition of great design and innovative engineering on an even larger stage with Pandora,” said Anthony Bay, chief executive officer of Rdio.