Posted by Glen Sears | November 23, 2015 11:38 am | No Comments
Story of the Week
Pandora Acquires Bankrupt Rdio For $75 Million, Plans Global Expansion
Consolidation in streaming music has begun, though perhaps a bit earlier than expected. Pandora is acquiring “the technology and intellectual property” of streaming music service Rdio for $75 million, and will use the assets to compete with Spotify, Apple Music and others.
The bid comes as Pandora, whose user growth has slowed to just 3%, searches for new avenues of expansion. “We seek to be the definitive source for music discovery and enjoyment globally,” Pandora CEO Brian McAndrews told Variety. The music streamer plans to offer “full on-demand paid subscription” over time. “We plan to substantially broaden our subscription business.”
McAndrews said that Pandora chose Rdio because it had “the best product” in subscription streaming. “We just were really enamored with their product.”
Read more on Hypebot: http://bit.ly/1XmbxV5
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