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Done Deal! Apple Acquires Shazam Today for $400 Million

Apple has acquired popular music recognition app, Shazam in a $400 million deal, as announced by the company today. This was first reported by TechCrunch and has now been proven true. Shazam enables users identify songs, movies, TV shows, and commercials from short audio clips. The skillful team will be joining the Californian based OEM in what will spearhead new rounds of development.

apple buys shazam

According to Apple:
“We are thrilled that Shazam and its talented team will be joining Apple. Since the launch of the App Store, Shazam has consistently ranked as one of the most popular apps for iOS. Today, it’s used by hundreds of millions of people around the world, across multiple platforms.

"Apple Music and Shazam are a natural fit, sharing a passion for music discovery and delivering great music experiences to our users. We have exciting plans in store, and we look forward to combining with Shazam upon approval of today’s agreement."

Shazam also couldn't hide their happiness.
“We are excited to announce that Shazam has entered into an agreement to become part of Apple,” they said in a statement.
“Shazam is one of the highest rated apps in the world and loved by hundreds of millions of users and we can’t imagine a better home for Shazam to enable us to continue innovating and delivering magic for our users.”

Shazam was valued at $1 billion during its last funding round, but the money Apple paid for its acquisition was far from that figure. This is because the company found it difficult to find a viable business model, pulling in only $54 million in revenue in 2016.

But the benefits of Shazam to Apple are numerous, especially for the Apple Music, as Shazam’s team could help improve the experience of the service. If Apple makes a decision to shut down the app, all referrals would be channeled to Spotify, which together with Apple Music gets 1 million clicks per day from Shazam.

The already-integrated Shazam music and sound with Siri could gain a deeper integration with iOS. Apple is also showing interest in Shazam's augmented reality technology, which could help improve its own offerings.

Pending regulatory approval, the deal is expected to close in the coming weeks.

via TheVerge

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