Streaming music service Rdio has filed for Chapter 11 bankruptcy according to a story by the Hollywood Reporter.
The company was apparently bleeding millions of dollars a month and has decided to sell most of it’s assets to Pandora.
According to the story Roku is an unsecured creditor and is owed $2.7 million by Rdio (the largest of the unsecured creditors). In bankruptcy the unsecured creditors are lucky to get pennies on the dollar if anything, so Roku is probably not holding it’s breath.
Just how did they rack up the tab? Purely speculation but probably from advertising on the prime remote button space many Roku users are familiar with.
Do you stream music through Roku? What channel? Comment below.
