Sci-tech

Apple close to purchasing Shazam for estimated $400 million

Apple close to purchasing Shazam for estimated $400 million

Shazam's iOS app was also one of the very first apps on the Apple App Store when it launched in 2008, and it remains one of the most popular apps on the platform.

That's according to a new report over on TechCrunch, which says Apple plans to announce the buyout on Monday if all goes smoothly.

One source describes the deal as in the nine figures; another puts it at around £300 million ($401 million). "We are still asking around", the report said.

The makers of Shazam has created a revenue of $54 million in 2016 which will now be pulled by Apple after this deal. Kleiner Perkins also invested in competitor SoundHound.

Shazam surpassed 1 billion downloads in September previous year and the actual number should be higher.

More news: Lionel Messi demands Argentina improvement ahead of 2018 World Cup

It's also possible that Apple wants Shazam to integrate the app's offerings more deeply into its mobile operating system, in which case Shazam might disappear as a standalone app. It made a statutory pre-tax loss of £4 million ($5.3 million) in 2016, which was still a loss but significantly smaller than the £16.6 million loss in FY 2015. So, if the rumors of acquisition is true, the company has lost 60% of its value in two years.

Shazam Entertainment Limited was founded in 1999.

Since those early days, it's launched a number of related services.

Yet the real benefit could come from the company's AR features. Talking about the Apple Music, the company is now rumored to acquire the music recognition app Shazam to get better against Spotify.

Shazam right now has agreements with other services like Spotify, Snapchat, and Google Play Music, but it's unclear at this point how this acquisition will affect those agreements. However, the marketplace for standalone apps is increasingly competitive as consumers consolidate their time spent in apps on a few favorites ones and big players like Facebook expand services to prevent users from leaving.


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