Apple Is Reportedly Looking To Buy Shazam For A Cool $400 Million

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With the acquisition of Shazam, Apple stands to benefit in its music and sound recognition technologies. Later that year, it arrived on Android, and it has continued to maintain a strong userbase.

As per TechCrunch, Apple is engaged with the finalizing of a deal relating buying of Shazam-an application that allows one to identify movies, songs and TV shows from audio clips.

In the tech and music worlds, speculation has proliferated on the possible motives for Apple to buy the company, especially as the technology behind the app's song-identification is reportedly easy to replicate nowadays. At its last funding round in 2015, Shazam was valued at $1.02 billion, per Pitchbook.

Apple said in September that the service had more than 30 million subscribers - a rapid rise but still trailing industry leader Spotify which said it had 60 million paying users as of July and 80 million more on its free tier. Apple's AI uses Shazam to identify it.

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The purchase price could be "in the nine figures", one source told TechCrunch, or around $401 million, according to another.

The acquisition could be a smart move for both Shazam and Apple.

Although there is no information as to what Apple plans to do with the famous app, surely they will create many wonders. Unfortunately, the company only pulled in $54 million in revenue in 2016, while also losing $5.3 million in the year. Shazam also holds a deal with Snapchat. With AR, Shazam lets users scan all sorts of stuff, such as magazines, posters, books, and even products themselves to launch 3D animations, 360-degree content, and much more.