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According to AllThingsD, the service will disappear with the next major release of the iTunes software, likely this fall.
At a recent appearance at the D: All Things Digital conference, Apple CEO Tim Cook made it clear that the Ping has not been a success. “We tried Ping, and the customer voted, and said this is not something I want to put a lot of energy into it,” he said. “Some customers love it, but there’s not a huge number of them that do. Will we kill it? I don’t know.”
Well, apparently now he knows.