Alibaba shuts down 12-year-old music streaming app Xiami


Alibaba Group will close its music streaming platform Xiami Music next month, in a move that marks a step back from its ambitions to push into China's entertainment industry.


Alibaba acquired the music service in 2013, and invested millions of yuan to compete in China's online music market, which is dominated by Tencent Holdings. Its efforts however have not paid off and the app currently only has 2% of China's music streaming market.


Xiami's closure also comes after Chinese regulators announced that they had launched an antitrust investigation into Alibaba, which beyond its core e-commerce business also operates in sectors such as financial services, cloud computing and artificial intelligence.

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