Shazam's music-recognition technology used to be novel, but now it's relatively easy for anyone to replicate that product. The company has evolved over time and allows anybody to recognize a song that's playing in the background. Purchasing Shazam has some big benefits for Apple. The company was valued at $1.02 billion in its last funding round in 2015. So let's dive in to see some more details on the matter.
Shazam Entertainment Limited was founded in 1999, with the service operating initially through SMS.
Apple may be planning to purchase the company behind the popular song tagging service Shazam, TechCrunch reports.
The deal isn't official, but it is expected to be finalized and announced in the coming days.
As Spotify continues to inch towards a public listing, Apple is making a move of its own to step up its game in music services. 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.
The story has also been confirmed by the Financial Times.
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. If the acquisition does take place, it will be interesting to see what happens with the Shazam app on iOS as well as Android. No plans were given as to how Apple could turn things away, but implementation into the latter company's platforms could be a start. If the app was closed, that would stop.
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