Apple is reportedly buying Shazam for 0 million (AAPL)
Apple is reportedly buying Shazam, a music recognition app.
Apple is said to be paying $400 million for the company, which was last valued at $1 billion.
Apple is reportedly buying music recognition app Shazam, a move that could allow it to integrate an important feature into its line of smartphones at a time when the iPhone’s innovation crown is under threat from Google and Samsung.
The deal is expected to be signed this week, according to a TechCrunch report citing anonymous sources. Apple is paying $400 million for Shazam, according to one source in the report. Recode, citing anonymous sources, is also reporting a price tag of $400 million.
That price is lower than Shazam’s most recent post-money valuation of $1.02 billion, according to Pitchbook.
The Shazam app allows users to identify the music that’s playing nearby, such as a song in a restaurant or cafe. The app quickly became one of the most popular smartphone apps when it launched in 2009.
Google recently incorporated similar technology into its high-end Pixel 2 smartphone.
Shazam, which was founded in 1999, made $50 million in revenue last year, according to a person familiar with the company.
Representatives for Apple and Shazam did not immediately respond to a request for comment. SEE ALSO: REVIEW: If I were to buy an Android phone, it would be the Pixel 2 XL
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