Amazon.com Inc.
AMZN,
is shutting down its live audio platform Amp, as the online retail and media giant continues to seek ways to cut costs and shore up profits. “We’ve made the difficult decision to close Amp,” an Amazon spokesperson said in a statement, adding that the company “learned a lot about how live music communities interact in the process, which we are bringing to bear as we build new fan experiences at scale in Amazon Music.” Bloomberg and CNBC reported the news earlier Wednesday. Amazon launched the Amp app last year, amid buzz around similar audio platforms like Clubhouse. The Amp platform allowed users to host their own live radio shows and talk about music with others. The move announced Wednesday follows layoffs at Amazon, efforts to tack on fees for some grocery deliveries, and plans to introduce a version of its Prime Video service that shows ads. Shares of Amazon were down 0.2% after hours.
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