Alibaba Group will shut its music streaming platform Xiami Music subsequent month, in a transfer that marks a step again from its ambitions to push into China's leisure business.
"Due to operational adjustments, we will stop the service of Xiami Music," the web music arm of the Chinese e-commerce big mentioned on Tuesday on its Weibo account, including that the closure will happen on February 5.
"It's hard to say goodbye after being with you for 12 years."
Alibaba acquired the music service in 2013, and invested tens of millions of yuan to compete in China's on-line music market, which is dominated by Tencent. Its efforts nevertheless haven't paid off and the app presently solely has 2 % of China's music streaming market, behind KuGou Music, QQ Music, KuWo, and NetEase Cloud Music, in accordance with Beijing-headquartered information intelligence firm TalkingData.
Xiami's closure additionally comes after Chinese regulators introduced that they'd launched an antitrust investigation into Alibaba, which past its core e-commerce enterprise additionally operates in sectors comparable to monetary providers, cloud computing and synthetic intelligence.
However, it doesn't mark the tip to Alibaba's participation within the on-line streaming market. In September 2019, Alibaba invested $700 million (roughly Rs. 5,100 crores) in one among Xiami's opponents, NetEase Cloud Music.
© Thomson Reuters 2020
What would be the most fun tech launch of 2021? We mentioned this on Orbital, our weekly expertise podcast, which you'll be able to subscribe to through Apple Podcasts, Google Podcasts, or RSS, download the episode, or simply hit the play button under.
[ad_2]
Source by [author_name]