Apple Buys Internet Radio App

Since acquiring Beats, Apple has set it eyes on purchasing other music products. For an estimated $30 million the technology conglomerate recently bought Swell, a Pandora-like app for talk radio.

The app saw initial success when it was launched back in June of 2013, garnering financial support ($7.2 million) from investors such as DFJ, Google Ventures, InterWest Partners, and Draper Nexus Ventures. But things soon fell off when the Concept.io engineered app found itself not updated since September

According to Billboard it can be assumed that as of today Apple will integrate Swell’s technology into iTunes or iTunes Radio rather than be rebranded as an app. Swell will be shut down this week as part of the acquisition, while many company members join the Apple team.

With the purchase, Apple hopes to cut into AM/FM radio’s 52.1 percent of listening.

[Billboard]