AAPL Stock Rebounds After Apple Buying Shazam Report

Justin Sullivan  Getty

Justin Sullivan Getty

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 puts the price of the acquisition around US$401 million, although Shazam was once valued at US$1 billion dollars. The deal could be worth around $400 million (so not much for Apple) and announced as soon as next week.

Shazam CEO Rich Reilly and spokesman Giovanni Bossio did not respond to repeated requests for comment; an Apple rep declined to comment.

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The move makes ideal sense for Apple as it looks to boost its own Apple Music streaming service, which is already linked to from within Shazam. Notably, though, both of the numbers we've heard are lower than the $1.02 billion (according to PitchBook) post-money valuation the company had in its last funding round, in 2015. The report suggests that it's adding the app to its portfolio in order to bolster Apple Music functionality. The two companies have had a longstanding business relationship, under which Shazam app users can click through to purchase songs on iTunes that they've identified. The app quickly became one of the most popular smartphone apps when it launched in 2009.

The Shazam app allows users to identify the music that's playing nearby, such as a song in a restaurant or cafe.

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