Apple is reportedly buying Shazam - will the app help conquer Spotify?

Apple is reportedly buying Shazam - will the app help conquer Spotify?

Apple is reportedly buying Shazam - will the app help conquer Spotify?

Apple is in talks to buy the popular song recognition app Shazam as the tech giant tries to compete with streaming leader Spotify, TechCrunch reported Friday.

The deal is expected to be signed this week, according to a TechCrunch report citing anonymous sources. According to the report, the deal has been finalised for around $401 million, which may seem a lot until we take Shazam's valuation after its last round of funding into consideration. Despite making £40 million in revenue for the 2016 financial year, the company had made losses of £5.3 million in 2016, and £16.6 million in 2015.

Though competing services have surfaced over the years, Shazam arguably remains king when it comes to music discovery, a fact highlighted by its more than 1 billion downloads. Additionally, Shazam has recently developed the ability to use audio or video clips to identify TV shows, movies, and even advertisements, opening up a whole realm of possibilities for seamless integration into Siri and other Apple offerings. The London-based company boasts more than 100 million monthly users, and hit one billion total downloads past year.

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The deal for the app - best known for giving users song information within seconds of hearing the lyrics - could close as soon as Monday.

Of course, nothing has been confirmed either by Apple or Shazam. So Apple must think the brand itself has value, and it's reasonable to assume it will integrate the feature into its iOS operating system.

Representatives from Apple and Shazam have declined to comment.

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