Rdio files for bankruptcy – Sold assets to Pandora for $75M!
Rdio, the streaming music company filed for bankruptcy and at the same time sold its core assets (e.g. technology, intellectual property) to Pandora, Inc. for 75 million dollars. The company was among the first wave of online streaming music providers to something more than 100 countries using a catalog of over 12 million tracks. Though that its offering was solid, Rdio never gained a serious market share, especially compared to large competitors such as Spotify. As of the emergence of Apple Music and YouTube Music earlier this year, surely made multiple times more difficult Rdio’s presence.