Apple To Buy Shazam

Joanna Estrada
December 11, 2017

Apple might be about to acquire music identification app Shazam - for a song.

Shazam, a United Kingdom company founded in 1999, allows people to use their smartphone or computer to identify and buy music through a snippet of sound.

The news was reported by TechCrunch, and also by Recode who claims the deal is for $400m and will be announced on Monday.

Shazam, which says it has more than 100 million monthly users, makes most of its revenue from commissions paid on referrals to Apple's iTunes Store.

If the deal is confirmed, Shazam will become the latest in a string of United Kingdom technology firms to be bought up by larger businesses. A Shazam representative did not immediately respond to a request for comment.

Shazam is a privately-held United Kingdom based company and over its 18 year span, it has raised $134m from DN Capital Limited, Institutional Venture Partners, and Kleiner Perkins Caufield & Byers and others. The 18-year-old company, which has required twice the average time to deliver an exit for backers, was valued at about US$1bn when it closed its last funding round in 2015.

Apple is expected to integrate Shazam's technology with its music streaming service as it looks to compete with Spotify.

Other reports by Click Lancashire

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