The official news was released in a post on their official Google Blog:
“We launched Google Reader in 2005 in an effort to make it easy for people to discover and keep tabs on their favorite websites. While the product has a loyal following, over the years usage has declined. So, on July 1, 2013, we will retire Google Reader.
Users and developers interested in RSS alternatives can export their data, including their subscriptions, withÂ Google TakeoutÂ over the course of the next four months”.
They also added in theirÂ GoogleÂ Reader Blog:
“We have just announced on the Official Google Blog that we will soon retire Google Reader (the actual date is July 1, 2013). We know Reader has a devoted following who will be very sad to see it go. Weâ€™re sad too.Â There are two simple reasons for this: usage of Google Reader has declined, and as a company weâ€™re pouring all of our energy into fewer products. We think that kind of focus will make for a better user experience.