Pandora has agreed to acquire key assets from streaming music service Rdio for $75 million in cash. Under the terms of agreement, Pandora will get Rdio’s technology, intellectual property and talent but not the operating business, which means that the streaming music company won’t be delving into the on-demand streaming business the moment it acquires the portions of Rdio that interest it. The deal is expected to close in the first quarter of 2016.
The deal comes as Rdio announced it sought bankruptcy protection in the US Bankruptcy Court for the Northern District of California. Instead, Pandora plans to offer an expanded music listening experience by late 2016 depending on its ability to obtain proper license.
The deal will accelerate Pandora’s plan to offer users greater control over the music they love, strengthening Pandora’s position as leading music streaming service.
Brian McAndrews, CEO at Pandora, said in a statement: “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.”
In addition to acquiring key assets from Rdio, a significant number of Rdio’s team will be offered roles with Pandora, but some have been laid off. Anthony Bay, Rdio’s head, will not be joining the new parent company.
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Headquartered in Oakland, California, Pandora Media, Inc., (formerly known as Savage Beast Technologies), operates as a provider of Internet radio in the United States. The company provides services to traditional computers, smartphones, such as Android phones, Blackberry phones and the iPhone. In addition, Pandora also offers advertising solutions addressing advertising markets: online display, rich media and video, mobile and broadcast radio.
This is Pandora’s latest and third major acquisition this year. In October, it acquired Ticketfly, a leading live events technology company, to create the definitive platform for connecting fans, artists and event promoters. The move is a game-changer for Pandora, Ticketfly provides ticketing and marketing software for approximately 1,200 leading venues and event promoters across North America, which make it easy for fans to find and buy tickets to events.
Founded in 2010 by Skype founders Niklas Zennstrom and Janus Friis, Rdio is an an online music streaming service that offers ad-supported free streaming and ad-free subscription streaming service in 85 countries. The company’s streaming service has been available in 60 territories worldwide and allowed on-demand access t over 12 million songs. Before the deal, Rdio has raised $125.7 million in funding from Atomico, Skype, Mangrove Capital Partners and famed Janus Friis. In October 2014, Rdio’s parent entity, Pulser Media has raised $108 million to fund Rdio.
Image credit: Valuewalk
Wednesday, November 18, 2015
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