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Apple to Acquire Shazam for $401m


Apple-Shazam
Apple to Acquire Shazam to compete with Amazon and Google.(Photo: CNN)

Apple on Monday confirmed its acquisition of Shazam, a music recognition service application, reports CNN.

“We are thrilled that Shazam and its talented team will be joining Apple,” a spokesperson for Apple said in a statement. “Apple Music and Shazam are a natural fit, sharing a passion for music discovery and delivering great music experiences to our users. We have exciting plans in store.”

Although the details of the deal are yet to be disclosed pending final approval, TechCrunch during its report of the acquisition estimated the price at around $400 million.

This acquisition of Shazam would be one of Apple’s largest acquisitions ever after it bought Beats Electronics for $3 billion in 2014 to kickoff its music streaming business.

Shazam was founded in 1999, was valued at $1 billion after its most recent funding round in 2015 and the app was said to have been downloaded more than one billion times.

For Apple, Shazam could further differentiate its music streaming service, personal assistant Siri and its new line of smart speakers, which are expected to hit the market next year to compete with Amazon and Google.

Shazam had previously partnered with Spotify, a rival to Apple Music.

Written by Prince Simeon

Goldenchyld is the Head Publicist and Blogger at Hypestation Nigeria. He has interest that cuts across lifestle, tech, music and other things that affect everyday living. Follow him on Twitter @goldenchylduno and @goldenchyld_ on Instagram

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