Joining the ranks of SoundCloud, RootMusic and the like, streaming radio service Slacker Radio has recently received an injection of cash: $3 million in debt funding.
According to Hypebot, the news of this funding comes via a SEC filing. A representative from Slacker confirmed the news with us.
"Slacker had a great 2010 and tweaked their business to make it float," the rep told us. "The funding will help to further their automotive efforts," which means Slacker could soon be available in cars, as Pandora already is. Still, since Slacker has a license to cache music, it won't need a constant signal to stream, giving it an edge on the other service.
Last month, Slacker unveiled its iPad app and announced that on-demand listening would be available on the Internet radio service at the end of January. We have yet to see on-demand come to fruition, but the rep says it should be launched around SXSW. This will add a third tier Slacker's service options: free radio, paid radio and on-demand.
The addition of this feature would put the service in competition with MOG, Rdio, Spotify and other subscription services that offer that option already.