Apple to buy music recognizing app Shazam

Dec 10, 2017, 02:24
Apple to buy music recognizing app Shazam

A lot of SHAZAM's offerings dovetails with what APPLE is already working on already. Later that year, it arrived on Android, and it has continued to maintain a strong userbase.

A deal between Apple and Shazam is in the works, with the former buying the latter very soon.

Shazam surpassed 1 billion downloads in September previous year and the actual number should be higher.

Privately-held, UK-based Shazam has raised $143 million from DN Capital Limited, Institutional Venture Partners, and Kleiner Perkins Caufield & Byers, among others, over its 18-year history, according to PitchBook, a firm that tracks private venture investments.

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Apple would obviously want to use Shazam to bolster its music business - and drive sales and subscriptions from users who "Shazam" songs. The app's features are also integrated into virtual assistant Siri.

The deal will be announced next week, according to reports. However, the deal price is much lower than the $1.02 billion valuation during its 2015 funding round. On Google Play Store, Shazam has over 100 million downloads with 4.4 rating.

Now, Shazam is about to become the property of Apple. It essentially directs the traffic from its app to these music streaming services by providing streaming links to a recently identified song.

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. It could be a done deal or Apple could have called Shazam's people up yesterday. Earlier in September, they reported $54 million in revenue from fiscal 2016 with a loss of $5.3 million pre-tax.

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