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Apple reportedly set to acquire Shazam for $400 million
June 21 2018, 06:40 | Alexander Lowe
Apple is nearing a deal to buy London-based music recognition app Shazam, and could announce its purchase as early as next week, according to reports on Friday evening.
The deal for Shazam is reportedly worth as much as $400 million and could be announced as soon as Monday.
Shazam launched way back in 1999, well before the days of apps, as a service you reached by way of a SMS code - in fact, its first name was 2580, after the number you typed in the United Kingdom to access the service. 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 app quickly became one of the most popular smartphone apps when it launched in 2009.
Whether Apple would continue to allow Shazam to link out to other streaming options like Spotify and YouTube remains to be seen.
Of course, nothing has been confirmed either by Apple or Shazam. This estimate falls far beyond the company's $1 billion valuation from its last funding round in 2015. The purchase is the latest acquisition for the world's largest tech company.
The buyout would cement an already cozy relationship between the two companies, with Shazam letting buy songs on Apple Music once they've been pinpointed.
Apple would obviously want to use Shazam to bolster its music business - and drive sales and subscriptions from users who "Shazam" songs. Shazam's features are also integrated with Apple's Siri voice assistant.