Pandora Set To Acquire Rdio Assets
Pandora has announced an agreement “to acquire several key assets” from Rdio, stating that in addition to acquiring technology and intellectual property, many members of Rdio’s team will be offered roles with Pandora.
“The transaction is contingent upon Rdio seeking protection in the United States Bankruptcy Court for the Northern District of California,” Pandora announced via a statement. “Upon approval of the proposed transaction by the bankruptcy court, Rdio will be winding down the Rdio-branded service in all markets.”
Rdio has advised via a blog post that for the time being its service remains unchanged, with further updates to be provided in the coming weeks.
Pandora recently acquired ticketing company Ticketfly, branching out “beyond its internet radio roots”, connecting music fans to live events, and also recently announced a multi-year licensing agreement for Sony/ATV Music Publishing’s catalogue of musical works.
The purchase of Rdio assets could further bolster Pandora as it competes against rival music streaming services Spotify and Apple Music.
“We are defining the next chapter of Pandora’s growth story,” Brian McAndrews, Pandora chief executive officer, commented.
“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.”