Apple might be on its way to acquire the popular music recognition application Shazam for a price of $400 million, reports suggest.
On Friday afternoon, Tech Crunch initially reported that sources familiar with the matter informed about the acquisition indicating that the deal might be announced by Monday. However, the timings can change too. The sale price of $400 million is not yet confirmed either.
The possession of the music application would probably give Apple ownership of music, TV and movie identifying technology along with few other traits that Apple couldn’t do from its own products, reported Engadget.
Soon after its launch back in 2009, Shazam became one of the most popular smartphone apps, downloaded more than one billion times and used by ‘hundreds of millions of people each month’, according to the company.
Shazam works for both iOS and Android, along with the desktops too. Recently, the application was integrated in Samsung’s smart TVs as well. The application allows users to identify music playing nearby but it also does more than only recognition of audio and music as it also recognizes packaged goods, labels, books, magazines and other merchandise.
Stats show that Shazam made around $54 million revenue in its 2016 fiscal year and lost $5.3 million. Company’s CEO Rich Riley also hinted that the company was likely an acquisition target, wrote Tech Crunch.