Rdio was a solid music streaming service, but when you’re going up against a well-established giant like Spotify, being just “solid” isn’t enough. That’s why it’s not all that surprising that the company went bankrupt before it was acquired by Pandora earlier this week, but what is surprising is how much debt it was in. According to the Hollywood Reporter, Rdio owned around $220 million to creditors.
A day after Pandora shook up the music streaming world by announcing it was buying “key assets” from the remains of on-demand streamer Rdio, we now know one reason why the Spotify and Apple Music competitor was forced into bankruptcy: It owes about $220 million to creditors, according to The Hollywood Reporter. Most of that debt is owed to Pulser Media, the company which provided the majority of the company’s financing since Rdio began in 2008. Other significant creditors include set-top box manufacturer Roku ($2.7 million), Sony Music ($2.4 million), online ticketer AXS Digital ($1.25 million), and Shazam (nearly $1.2 million). As The Hollywood Reporter points out, it owed Facebook (nearly $500,000, for ad placement) almost as much as it owed Warner Music Group ($613,000), and more than Universal Music Group ($294,000), and independent music distributor Merlin BV ($134,960).
NOTE: TECHi Two-Takes are the stories we have chosen from the web along with a little bit of our opinion in a paragraph. Please check the original story in the Source Button below.
TECHi weighs both sides before reaching a conclusion.
TECHi’s editorial take above outlines the reasoning that supports this position.
Just because it's not fresh doesn't mean it's not edible. For people willing to eat food that's old, but not…
In the two years since OnePlus exploded onto the smartphone scene with the OnePlus One, rumors that the company is working…
Autocorrect is incredibly useful when it works, but when it doesn't work, it can cause problems that are always annoying, often…
With more than a billion people and some of the fastest-growing economies in the world, Africa is on its way to becoming…
