Apple has confirmed that it will be acquiring the popular London based music recognition service Shazam. The startup was previously valued at $1 billion but has only managed to make $54 million in revenue.
Although Apple has not disclosed the official cost of the acquisition, many sources have claimed that it is around $400 million. This comes after other talks with Snapchat and Spotify to buy the service.
The Shazam app has been downloaded by more than 1 billion people to date who use it to find out the title and artist of the tracks they are listening to or are playing somewhere such as on a radio, in the bus or TV.
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Shazam fits in perfectly with Apple’s projects and future ambitions especially with Apple Music since the app has been driving more than 1 million clicks per day to Apple’s music streaming service and Spotify.
Apple had already integrated Shazam in Siri to help support the recognition of sound and music through voice prompts. Buying the company could be seen as a direct retaliation to challenge a similar integration by Google in its new Pixel phone.
Author: Our Reporter
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