About Xiami: Once known as the epitome of a music streaming service, Xiami debuted around 2008, the Alibaba Group acquired the social music site in 2013. Among many other intricate features, Xiami was famously known for its elegant design, futuristic display pattern, nifty discovery, staunch support for indie music lovers, and other loyal Chinese music lovers artsy and hipsters category.
Xiami Music, known as one of the famous music streaming applications of Alibaba, is set to shut down next month after more than two decades. What seems to be the reason is that it marks a step back to push into China’s entertainment industry.
The online music arm of Alibaba Group said we would stop Xiami’s Music Streaming services due to some operational adjustments. Adding to his interview with the press, he said that the closure would take the 5th of February, 2021.
A little background check on Xiami music streaming service: Alibaba group acquired the service in 2013 and invested a fair amount of money in competing in the local and global markets. Millions of yuan were invested in taking a notch in the online music market, currently being dominated by Tencent.
Fast forward to 2021, the music committee in the Alibaba group saw a measly 2% of their music service in the music streaming market, leading to a vast failed effort. To this date, Xiami is trailing behind KuGou Music, KuWo, NetEase Cloud Music, QQ Music. Data and analysis have been taken from Talking Data; a headquarter in Beijing serving in data intelligence.
The decline of Xiami begun when Tencent entered the market in 2016. They bought a whole reservoir of music deals in China after their formation in the music industry. A year later, Tencent was already in possession of 75% of China’s music streaming market applications.
Alibaba group couldn’t make a go at online music. So, in 2015, the Alibaba group appointed two people, i.e. a songwriter and a music company executive – to boost their new music group. Instead of watering the withering plant, i.e. Xiami, the eCommerce giants started participating in other ventures, such as Alibaba Planet to retain fans, but the idea failed.
Latter to the decision of discontinuing the services of Xiami, Chinese regulators announced that they had started a willful investigation into Alibaba group, which states explicitly the Chinese eCommerce giants are also operating in other sectors, such as cloud computing, financial services, and Artificial Intelligence (AI) other than poking their noses solely in the eCom business.
However, it is not a dismal situation for the Alibaba group as they participated in the online streaming market. Backtracking a few months, the eCommerce giants invested around $700 million in one of their competitors, i.e. NetEase Cloud Music. They have two-timed their business in laptops, computers, and other retail sectors where the profit seems double.
While it is a known fact that the users will lose access to Xiami, but the application is not entirely dead. Yin Luo has a segment of copywrites, and they will continue to operate in the coming years. But the dream of eCommerce giants of easy money by investing in this venture turned out to be a colossal failure.
Muhammad Usman: +923358412711
Release ID: 16375
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