One of the coolest music start-ups in China, Xiami Music, simply couldn’t cut it and will close next month after management admitted it missed “crucial opportunities” in the battle with rival Tencent Music.
Owned by Alibaba (which owns Inkstone), Xiami has become a cautionary tale of how a company can be beloved by the fans, but won’t be able to survive if it can’t attract the mass market.
It also marks an end of an era, harkening back to a time when the Chinese internet was less concerned about making money and more focused on building businesses with innovative ideas.
Just a few years ago, Xiami was one of the top streaming platforms in China, but, in the time since, Tencent has grown to
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Jan 19, 2021