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Apple Music just got a little more oomph with this key acquisition

Apple Music just got a little more oomph with this key acquisition

Apple shares closed in the green Monday, following confirmation from the tech giant it has purchased London-based music app, Shazam. While Apple didn't elaborate why the company acquired Shazam, it said the app is a "natural fit" for its music streaming platform.

Apple Inc. agreed to acquire music-identification service Shazam, taking ownership of one of the first apps to demonstrate the power of the iPhone, recognizing songs after hearing just a few bars of a tune.

NEWS reports APPLE has bought SHAZAM.

In fact, it's been a while since the song-identifying software squeezed its way into the iOS App Store's top 10.

Although Shazam emerged as one of the most popular smartphone apps on both Android and iOS, with around 1 billion downloads as of a year ago, the company struggled to find a viable business model, which restricted its revenues to just about $54 million in 2016. Shazam is now one of the highest rated apps on the App Store, and allows users to discover new music by holding their smartphones near a speaker. However, some of the features of Shazam app conceivably can blend into Apple music streaming services that have accumulated more than 27 million subscribers since the company as created in 2015.

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Shazam has been downloaded over 1bn times and although Shazam is popular with smartphone users it has struggled to make much money, with revenues of $54m in 2016. "We have exciting plans in store, and we look forward to combining with Shazam upon approval of today's agreement", the company told the publication.

It is already used by Apple's Siri service to help users identify the music playing on their iPhones.

The acquisition cost Apple an estimated $400 million according to Recode so Apple really got itself a good deal. There's also speculation that Shazam's music-recognition feature might be added to Apple's long-delayed HomePod intelligent speakers.

It is also worth noting that Shazam is more than just a media recognition tool today. While we were expecting the deal to be finalized soon, Apple has now confirmed its acquisition of Shazam. Shazam's AR platform was announced in March this year.


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