Apple May Acquire Shazam App By Monday To Beef Up Music

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

Apple is reportedly purchasing the popular music-identifying app Shazam.

Sources say a deal could be announced as early as Monday, in what is rumoured to be a nine-figure deal, while another source informs the publication it could be around $401 million United States dollars.

But what's really interesting is the amount that Apple is supposedly paying to buy Shazam. Apple could opt to integrate Shazam into future versions of iOS or use the app in conjunction with Apple Music.

Shazam, which is based in London, said a year ago that it had reached one billion downloads on smartphones.

Of course, nothing has been confirmed either by Apple or Shazam.

The company was last valued at over $1 billion, according to PitchBook, rendering Apple's purchase price of $400 million a significant discount.

In 2015, Shazam posted an annual loss of $22 million dollars. As it stands, 10% of Apple's digital download sales come from referrals made from the Shazam app. If the rumor is true, the company has lost 60% of its value in two years. In 2016, the company added a new augmented reality feature, allowing users to scan branded Shazam codes to unlock deals and games on the app.

Apple may be close to acquiring multi-faceted audio-video app Shazam, which lets users identify any song, TV show, film, or advertisement by reviewing a clip.

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.

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