Rdio was an ad-based online streaming service that was founded in 2010 and, as of November 16, 2015, has been acquired largely by streaming giant Pandora. Pandora has been around for over 15 years now and only continues to grow, especially now that it's bought up the remnants of Rdio for the pocket-change amount of $75 million.
According to The Verge, Pandora acquired "several key assets" in the sale from the company, which has filed for bankruptcy. The announcement also claims that Pandora will be offering most of Rdio's employees jobs with Pandora, though Rdio's CEO will not be switching over.
Here's what Rdio had to say to The Verge.
"We are proud to have created an innovative and critically acclaimed global music streaming service," Rdio said in an emailed statement. "Given the state of the streaming marketplace, we have reached an agreement with Pandora — a leader in music streaming that shares our passion for delivering the best possible music experience to music fans everywhere — to purchase key assets from Rdio's business, including intellectual property and technology."
Despite being around for the length of time it's been around, Pandora has been seeing some slower revenue and growth over the past few years. So maybe this could be the way the service will come back to life? We'll see, especially up against streaming giant Spotify at this point.
