Alibaba Abandoning Music Streaming Service

After the rampant speculation over Alibaba (NYSE: BABA) co-founder Jack Ma's whereabouts (and recent reports that he's just lying low), the company's announcement that it is scotching a well-established business unit is getting little attention.

Alibaba said Tuesday that it is shuttering its Xiami Music service effective Feb. 5. It said that it's doing so "because of adjustments in business development." It wasn't immediately clear what exactly that meant.

Xiami Music is a veteran of the streaming scene in China. It was founded in 2006, went live in 2008, and was bought by Alibaba in 2013. The company bundled it along with a peer service, Ali Planet, inside its Ali Music business unit. It discontinued Ali Planet in 2016.

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Source Fool.com