Rdio, a uniquely social music subscription service, reportedly just garnered financial support from Mangrove Capital Partners.
According to Paid Content, the news first surfaced via a tweet from Mangrove partner Mark Tluszcz to MC Hammer (awesome), reading: “@MCHammer check out the company I just financed….www.rdio.com. Hope to see you at our Jamboree this year in Florence.”
Paid Content confirmed the news with Mangrove, but there’s no word yet as to how much money Rdio received, or how it will use the cash. We’ve reached out to Rdio for comment.
Rdio — which launched this past summer — is a super social music subscription service that lets you follow friends and listen to their musical collections, as well as listen to music on-demand.
Lately, the service — which is currently only available in the U.S. and Canada — has been on the up-and-up, partnering with Merlin, a licensing agency for indie acts — a move that helped make its library much more diverse. Rdio was also integrated into the MusicMapper, a mobile app launched as part of the Grammy Awards’ Music Is Life Is Music campaign.
Wireless music system Sonos also recently introduced Rdio into its musical offerings, marking Rdio’s first foray into consumer electronics (before it was only available on the desktop and on mobile devices).
More and more, music subscription services are gaining popularity — what with MOG’s Fusion Program facilitating its integration into electronics and cars, and rising anticipation over Spotify launching in the U.S. This recent funding news just further indicates that the music subscription space is one to watch.
Image courtesy of iStockphoto, shulz
More About: rdio
