Dropbox (YC S07) has acquired Audiogalaxy, according to Audiogalaxy’s blog. Audiogalaxy began in 2002 as a music file-sharing application and evolved into an audio streaming service. Audiogalaxy’s announcement states “the team” is joining Dropbox. The post also indicates Audiogalaxy is no longer accepting new signups, but doesn’t state the fate of Audiogalaxy itself. Acquired teams are frequently moved to unrelated projects in the new company. However, the reasoning by Dropbox for this acquisition is presumably to remain competitive in the growing market of cloud media players, which also contains the likes of Apple’s iTunes Match and Amazon.com’s Cloud Player.