Google-owned YouTube has announced that it is shutting down its live social commerce app Simsim, less than two years after its acquisition. Simsim is an Indian startup, which the streaming giant acquired in mid-2021, reports TechCrunch.
Simsim was founded in 2019 by Amit Bagaria, Kunal Suri, and Saurabh Vashishtha. Through influencer-based videos in Hindi, Tamil, and Bengali, it assisted small businesses in making the transition to e-commerce.
Creators post video reviews about products from local businesses, and viewers can buy those products directly through the app. YouTube acquired Simsim in a deal that valued the company at over $70 million, according to the report.
At the time, YouTube stated that the acquisition will allow the video streaming giant to assist small businesses and retailers in India in reaching new customers in even more powerful ways.
Moreover, the report said that Simsim's acquisition came at a time when YouTube was exploring ways to expand into e-commerce. Meanwhile, YouTube is rolling out song and album credits to its music streaming service "YouTube Music".
With this new feature, users will be able to see song and album credits when listening to their favourite music. The feature, where users can instantly see detailed song information, such as who the singer is and who wrote, produced, and composed each track, has long been a part of many other streaming services like Tidal.