TENCENT Holdings, the Chinese social media giant, has announced the impending closure of its online audio platform, Penguin FM, reports Hong Kong's South China Morning Post.
The Chinese online audio service industry is currently experiencing intense competition, especially after the rise of the US-based Clubhouse, which gained popularity in 2021 and even attracted users in China before being subsequently blocked within a few months.
The platform, which has been in operation for eight years, will be shut down in September as part of Tencent's ongoing efforts to streamline its content businesses.
In a statement on its website, the business unit revealed that new user registrations have been discontinued, and existing users are no longer able to add funds to their accounts.
tencent initially launched Penguin FM in 2015, providing users with a diverse range of audio content, including music stations, books, news and chat channels.
The company did not provide a detailed explanation for the decision to close the platform, simply referring to it as a 'business adjustment'.
In the statement, Tencent expressed regret at bidding farewell to its users.
SeaNews Turkey
The Chinese online audio service industry is currently experiencing intense competition, especially after the rise of the US-based Clubhouse, which gained popularity in 2021 and even attracted users in China before being subsequently blocked within a few months.
The platform, which has been in operation for eight years, will be shut down in September as part of Tencent's ongoing efforts to streamline its content businesses.
In a statement on its website, the business unit revealed that new user registrations have been discontinued, and existing users are no longer able to add funds to their accounts.
tencent initially launched Penguin FM in 2015, providing users with a diverse range of audio content, including music stations, books, news and chat channels.
The company did not provide a detailed explanation for the decision to close the platform, simply referring to it as a 'business adjustment'.
In the statement, Tencent expressed regret at bidding farewell to its users.
SeaNews Turkey