Google initially launched SPACE with its goal of creating a better small-group sharing experience on May 16, 2016. The stable release was also launched on same month. Space was made available on Android, ios, Mac and Windows. Space is a proprietary product from Google.
Google is going to out shadow this product which couldn't make its fame among its customers. It is an application for group chat and all of us are familiar with famous chatting applications like Messenger, Skype, Viber, WeChat and SnapChat. Even though being a huge tech giant Google failed to establish this product. This is why it will be shut down on 17th April, 2017.
Here are some important details for SPACE users:
Spaces will be read-only on March 3rd:This means you can't create new spaces, posts or comments. Also, new invitations can't be sent, and new members can't be added to spaces.
Between now and April 17th, you can:
See, save, print, and delete your content. Delete any spaces you created, leave any spaces you joined, and remove people from your spaces. Report abuse in Spaces, and block other Spaces users.
After April 17th, 2017:
Spaces and their content will be deleted.
Source: support.google.com