Speed Reads

pandora's box

Google acquires music streaming service Songza

After several weeks of scouting and speculation, Google acquired the streaming service Songza Tuesday. The acquisition is the search giant's latest attempt to break into the increasingly popular online music streaming market. For now, Songza's streaming service, which offers "expert-curated" playlists designed for specific moods and activities, will remain the same.

Neither company disclosed the financial terms of the deal, though a source told The New York Post that Google bid $15 million or more to acquire Songza. The move arrives on the heels of Apple's $3 billion purchase of Beats Electronics last month, a direct effort to kick-start Apple's role in this new segment of the music market.

While recent sales of digital music downloads have declined, music streaming services like Pandora and Spotify have skyrocketed in popularity. Google reportedly plans to incorporate Songza into its Google Play Music All Access service, which has been described as weak and unsophisticated and in need of a revamp.