Apple is Reportedly Buying Shazam For $400mln

10 December, 2017, 02:27 | Author: Cecelia Webb
  • Shazam!
Apple
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A lot of SHAZAM's offerings dovetails with what APPLE is already working on already.

Privately-held, UK-based Shazam has raised $143 million from DN Capital Limited, Institutional Venture Partners, and Kleiner Perkins Caufield & Byers, among others, over its 18-year history, according to PitchBook, a firm that tracks private venture investments. Apple, for one, is known for its timely acquisitions, and this time, it's eyeing one of the most popular services to boost its music interests.

The deal could allow Apple to integrate a popular consumer feature directly into its iPhones at a time when Apple's innovation crown is under threat from Google and Samsung.

TechCrunch earlier reported the takeover, adding that it could value Shazam at about £300 million ($404 million).




There is a high chance that Apple may shut down the app after the acquisition is finalized and there are two main benefits this provides for the iPhone maker. 20 million times a day. Now, it also identifies movies, TV shows, and has augmented reality features as well. Shazam right now lets users scan magazines, posters, books, advertisements, and other physical products which then launch 3D animations, 360-degree videos, and product visualizations. According to the report, the deal has been finalised for around $401 million, which may seem a lot until we take Shazam's valuation after its last round of funding into consideration.

Apple is making another big move this year.

Of course, nothing has been confirmed either by Apple or Shazam. Well, before the 24 hour clock ran out, the news began to surface that Apple was reportedly in the process of acquiring Shazam. But in 2016 the company had pulled down to revenue of $54 million, whilst losing $5.3 million in the year was a sign that it had a long path to go.

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