Notably, Shazam had a post-money valuation in its last round of over $1 billion - a far cry from the roughly $400 million that is being paid by Apple. That said, neither Apple nor Shazam have confirmed the financial aspects of the deal though the amount doing the rounds of the internet, if true, would be significantly less than the $1 billion than the app was last valued at in 2015. It has millions of users around the world, and it is used on multiple platforms.
On Monday, Apple company issued a statement describing Shazam as Natural fit with its services.
We hope their exciting plans involve the app recognizing songs you sing badly into your phone.
The Shazam app uses the microphone on a smartphone or computer to identify nearly any song playing nearby, then points users to places they can listen to it in future, such as Apple Music or Google's YouTube.
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"Spotify has made the discovery of new music front and centre of what makes it a compelling proposition", said Mark Mulligan, from the consultancy Midia Research.
Since it was founded in 1999, the app has been downloaded more than 1bn times and is used by more than 100 million people each month to identify and discover music. There are various ways that Shazam's business would overlap with Apple's. The company lost considerable revenue earning just $54 million in 2016.
Shazam only recently announced it had become profitable, thanks to advertising and steering traffic to other sites such as Spotify and Apple Music.
So, locking in one of the key song-discovery services and potentially deepening the way Shazam ties into Apple's wider ecosystem has a certain logic. If that's the case, it would be one of the priciest acquisitions in Apple's history. And that's not even mentioning the user acquisition potential Shazam could have when it switches to exclusively pointing to Apple Music.
Perhaps, Apple is keen to build on Shazam's efforts to develop killer features of its own for the launch of its much-rumoured AR glasses. The first that comes to mind is making things easier with Apple Music, enabling an even deeper integration and improving the overall experience.
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