Apple May Acquire Shazam in $401 Million Deal

Apple is reportedly buying Shazam, a music recognition app last valued at $1 billion

Multinational technology company Apple is reportedly close to a deal to acquire the popular music identification app Shazam for $400 million, according to TechCrunch.

Tech Crunch reports a deal is being signed this week, with an announcement planned for Monday.

Apple is known for buying up other companies, though Shazam is certainly no small startup. Once specifically devoted to music recognition, Shazam now accepts audio and visual clips to identify songs, movies, and television shows.

Neither Apple nor Shazam has confirmed a deal is in the works.

The acquisition could be a smart move for both Shazam and Apple. Despite making £40 million in revenue for the 2016 financial year, the company had made losses of £5.3 million in 2016, and £16.6 million in 2015.

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The Shazam app uses the microphone on a smartphone to identify nearly any song playing nearby. Apple is paying $400 million for Shazam, according to one source in the report.That price is lower than Shazam's most recent post-money valuation of $1.02 billion, according to Pitchbook.

But in the world of apps, high numbers do not always translate into profits: In September 2017, reported $54 million in revenues in its 2016 fiscal year, which was a turnaround from the declines between FY 2014 and 2015.

Shazam has raised more than $140 million from investors, including Universal Music Group and Sony Music Entertainment, since it was founded in 1999.

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 new features allow Shazam to build more strategic partnerships and drive engagement with the app.

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