Apple to Acquire Music Recognition App Shazam for $400 Million

Apple to Acquire Music Recognition App Shazam for $400 Million

It would remain to be seen how Apple would integrate Shazam, which also faces competitors such as SoundHound. Later that year, it arrived on Android, and it has continued to maintain a strong userbase.

Apple reportedly close to completing a $400 million acquisition of Shazam Entertainment Ltd., the London-based developer behind music identification app Shazam.

Shazam's smartphone app is already tightly integrated with Apple's Siri digital assistant. Sources also say that Apple was the most significant paying advertise for Shazam in the year 2016. The two companies have had a longstanding business relationship, under which Shazam app users can click through to purchase songs on iTunes that they've identified. Apple has been looking for ways to enhance its music offerings and compete with Spotify.

The deal is as per reports, approximately of $400 million, confirmed by the Recode.

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The makers of Shazam has created a revenue of $54 million in 2016 which will now be pulled by Apple after this deal.

Shazam's app now lets users identify and share audio, TV shows, printed material (such as magazine ads and movie posters) and augmented-reality content. The users can also follow their favorite artists on Shazam. According to the report, the deal has been finalised for around $401 million, which may seem a lot until we take Shazam's valuation after its last round of funding into consideration. It could be a done deal or Apple could have called Shazam's people up yesterday.

Apple has made dozens of other acquisitions, and one of the biggest has been in the area of music: it acquired Beats for $3 billion in 2014, which became the basis for Apple Music.

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