investing.com 05 Jan, 2021 07:30 am

China's Alibaba to shut down Xiami music app next month By Reuters

China's Alibaba to shut down Xiami music app next month

"Due to operational adjustments, we will stop the service of Xiami Music," the online music arm of the Chinese e-commerce giant said on Tuesday on its Weibo (NASDAQ: WB ) account, adding that the closure will occur on Feb." 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 (OTC: TCEHY ).Podcast app Breaker to be acquired by Twitter p (Reuters) - Breaker, a popular podcast app, said on Monday it would be acquired by social media company Twitter Inc (NYSE:TWTR) and shut down its app and website next week.FCC action to limit key social media protection increasingly unlikely p By David Shepardson WASHINGTON (Reuters) - The prospects of Federal Communications Commission (FCC) chairman Ajit Pai taking action on an effort to narrow social media companies.

Its efforts however have not paid off and the app currently only has 2% of China's music streaming market, behind KuGou Music, QQ Music, KuWo, and NetEase (NASDAQ: NTES ) Cloud Music, according to Beijing-headquartered data intelligence company TalkingData.In September 2019, Alibaba invested $700 million in one of Xiami's competitors, NetEase Cloud Music.

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