Apple is acquiring music recognition app Shazam

Apple is reportedly buying Shazam, a music recognition app last valued at $1 billion

According to TechCrunch, sources with knowledge of the matter claim Apple is about to finalize a deal to buy Shazam. The good news from that was that it was only a quarter of its reported $20 million in losses from 2015.

Neither company has confirmed talks. The app can listen to and identify audio in music tracks, TV content, and advertisements. Shazam says that its app has been downloaded in 190 countries over 1 billion times.

A decade ago, Apple's iPhone helped make a music-tech star out of Shazam, the app that, nearly like magic, could identify a song just by hearing a few seconds of it. Shazam has raised $143 million since 2002, and finally made a profit of $54 million past year due to advertising revenues.

Over the years, Shazam has raised more than $143 million in funding, and in 2015 it reached a $1 billion valuation, which is significantly higher than the price Apple is reportedly expected to pay.

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The company's CEO Rich Riley noted earlier this year, however, that operating at or near profitability is the intention as it's been growing; and he also hinted that the company was, as a result, likely an acquisition target. It could be a done deal or Apple could have called Shazam's people up yesterday.

Whether Apple would continue to allow Shazam to link out to other streaming options like Spotify and YouTube remains to be seen.

Apple would obviously want to use Shazam to bolster its music business - and drive sales and subscriptions from users who "Shazam" songs. 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.

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