Samsung is shutting down its music streaming service

Samsung is surrendering in the music streaming wars.

The company is closing down its Milk Music streaming service, it has announced. The news was first reported by Variety.

It will shutter for good in the US on September 22, and existing customers will be moved to Slacker - another online radio service that provides the tech that powers Milk Music.

"Samsung is sun setting its Samsung Milk Music service in the United States on September 22, 2016," the company said in a statement.

"We have made the strategic decision to invest in a partner model focused on seamlessly integrating the best music services available today into our family of Galaxy devices. We believe that working with partners will accelerate innovation, enhance device sales and provide amazing new experiences for our customers."

There have been rumours for months that a closure of Milk Music was coming, and the service has previously seen significant employee layoffs.

The music streaming industry is an intensely competitive field. A year ago, Apple launched Apple Music as a competitor to the likes of incumbent Spotify, which raised $1 billion (£760 million) in debt financing in March. And artist Jay Z is also having a go of it, with his own premium music streaming service Tidal. Meanwhile, Vevo is also reportedly looking to raise $500 million (£381 million) in new funding.