Why is Apple DUMPING This Product?

Apple (NASDAQ:AAPL) has finally decided to get rid of its mistake from two years ago. According to AllThingsD, Apple chief executive Tim Cook said at the recent D10 conference that the company will not put any more effort into Ping, its social network-themed music service. The service will reportedly be removed from the next major release of iTunes, likely in the fall of 2012. Apple will then transfer its social networking offerings entirely to Twitter and new partner Facebook (NASDAQ:FB).

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“We tried Ping, and I think the customer voted and said ‘This isn’t something that I want to put a lot of energy into,’” Cook said.

Ping was announced by Steve Jobs in September 2010 as “sort of like Facebook and Twitter meet iTunes.” However, the service that allowed users to follow artists and see posts by artists and their own friends, never really gained in pace.

Ping was launched with the blessings of Coldplay and Lady Gaga, but lacked enough big-name artists in its repository and focused more on getting the user to purchase music rather than use the social aspect. Eventually, with the coming of on-demand music streaming services Spotify, MOG, and Rdio that built into the massive user base of Facebook for their social angle, Ping’s basic errors became even more obvious. Sirius XM Radio (NASDAQ:SIRI), which is also facing competition from these social on-demand services, announced last month that it would start a “personalized radio” service, inspired by Pandora (NYSE:P), later this year.

Apple had reportedly tried to build Ping onto Facebook once its own irrelevancy in the space became clear to it, but couldn’t come to an agreement with the social network.

Shares of Apple (NASDAQ:AAPL) closed slightly lower at $571.53 per share on Thursday. In pre-market action, shares are up $1.02 to $572.55 Friday morning.

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