New reports out of both Recode and TechCrunch today claim Apple is gearing up to acquire music identification service Shazam for $400 million. The app adds some features on top of that, namely keeping track of your audio discoveries, plus providing links to listen to the songs. The deal could be announced as soon as Monday.
FT has also confirmed the story.
Shazam is now one of the App Store's most popular downloads and is integrated into Apple's Siri voice assistant.
While most well-known for its music recognition capability, the app can also identify other media like TV, advertisement, or a movie. Shazam has raised $143 million since 2002, and finally made a profit of $54 million a year ago due to advertising revenues. The purchase is the latest acquisition for the world's largest tech company.
In 2015, Shazam posted an annual loss of $22 million dollars. It could be a done deal or Apple could have called Shazam's people up yesterday.
Shazam also has a feature that lets users see what popular artists are Shazaming, and this could conceivably make its way to Apple Music, giving users another way to connect with artists and discover new music. The acquisition would help Apple embed that capability more deeply into its music offerings, which include a music-streaming service and the iTunes Store. That's about half the 60 million paid subscribers that Spotify now enjoys. Neither Apple nor Shazam immediately responded to a request for comment.
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