Apple is reportedly buying Shazam for $400m
The acquisition of Shazam could potentially help bolster Apple’s music efforts
Reports have emerged that tech titan Apple is finalising a deal to acquire Shazam Entertainment Ltd, a popular app that enables users to identify songs.
The news was reported by TechCrunch, and also by Recode who claims the deal is for $400m and will be announced on Monday.
Apple's digital assistant, Siri, is already integrated with Shazam as users can ask: "Hey Siri, what's that song?', however the standalone Shazam app can do more. Not only can it identify any song, it can also identify any TV show, film and advert in seconds and then take the user to more content linked to the search.
Despite over one billion downloads, it only generated $54m in revenue in 2016. This potential move could bolster its efforts, as well as Apple's music subscribers which is behind Spotify's 60 million subscribers.
Shazam is a privately-held UK based company and over its 18 year span, it has raised $134m from DN Capital Limited, Institutional Venture Partners, and Kleiner Perkins Caufield & Byers and others.