Music streaming service Rdio to shut down
Music streaming service Rdio will shut its doors, with online radio app Pandora set to acquire the company's technology for USD$75 million. As part of the acquisition, Rdio is filing for bankruptcy, and will wind down the service in all markets it is currently available in.
A post published on Rdio's official blog says the service will however continue operating for now.
"Rdio's service will not be interrupted today. We will have more updates in the coming weeks on what this process means for your Rdio account, but for the time being the service continues unchanged."
Pandora hopes to integrate Rdio's technology into its service by late 2016. It is not yet clear if an interim platform will be provided for existing Rdio subscribers.
"Many members" of Rdio's team will take up new roles at Pandora.