Apple to buy Shazam for $560m?

Apple to buy Shazam for $560m?

Apple to buy Shazam for $560m?

Sources revealed to TechCrunch, that Apple is going to sign a deal in the next week.

Despite the popularity of its app and widespread use of its services Shazam isn't really a money-spinner, with losses of £16.6 million and £4 million recorded for FY 2015 and 2016 respectively. The asking price is reportedly about $400 million, well below the company's last valuation at $1 billion. TechCrunch earlier reported the takeover, adding that it could value Shazam at about 300 million pounds ($404 million).

And with Apple Music gaining more and more followers, catching up quick on rival platforms like Spotify, it is not inconceivable to imagine that Shazam would complement iTunes harmoniously.

One of the most popular apps in the world it is used by more than 500m devices, has been downloaded 1bn times and has identified more than 15bn songs.

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Shazam is a widely used app in the U.S. and European countries which help by identifying any song, TV show, movie, or even an advertisement in seconds by listening to an audio clip or a fragment from a video.

If the acquisition gets finalized, Apple may be looking to integrate Shazam's features into its operating system, iOS. It could aid the company's music streaming service Apple Music in its ongoing battle against Spotify for dominance in the field.

Shazam CEO Rich Riley and Apple were yet to comment. Since its launch, Apple Music has gotten around 30 million subscribers.

For a while, Shazam's music identification technology was a novel idea.

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