Pandora Is Set To Buy Rdio For $75 Million
“Wherever and however fans want to hear music, we intend to be their go-to destination.”
Music streaming service Pandora recently acquired Ticketfly, adding a significant live music portion to their business. Today, the company announced it will purchase streaming platform Rdio for a sum of $75 million cash. As TechCrunch points out, the deal is contingent upon Rdio's filing of chapter 11 bankruptcy. In a blog post, Rdio said it will indeed be shutting down in the coming weeks provided another buyer doesn't come in and acquire them before the bankruptcy filings are finished. If everything goes according to plan, however, Pandora will be in an interesting position as 2016 rolls ahead and the "Streaming Wars" heat up. In a statement released this afternoon, Pandora CEO Brian McAndrews said, "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, wherever and however fans want to hear music, we intend to be their go-to destination.”