Pandora to acquire Rdio for $75 million, Rdio to file for bankruptcy

In what appears to be the initial consolidation since the launch of Apple Music , Pandora is set to acquire technology and design assets of Rdio. In a post on the official Rdio blog it announced that Pandora would acquire Rdio’s “innovative technology and critically-acclaimed design”. The post acknowledged Pandora as a pioneer in music streaming over the past decade with shared passion in delivering the best music service to fans. Rdio said its service won’t be interrupted, and will share updates in the coming weeks. It stated that for now, the service continues unchanged. In an official statement, Pandora announced that it was purchasing Rdio at a price of $75 million. Brian McAndrews, CEO at Pandora 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.” TechCrunch quoted a statement by Rdio which said, “While we are filing for bankruptcy, because the planned sale to Pandora is contingent on such a filing, by law Rdio is required to entertain competitive offers during the bankruptcy process that is being managed for us by Moelis & Company.” In June this year, Apple announced its music streaming service – Apple Music . Apple said “curation is the soul of every playlist created on Apple Music, and that it hired the most talented music experts from around the world, dedicated to creating the perfect playlists based on your preferences, and they become better curators the more you listen.”