Saturday, 17 November 2018

Apple buys London-based music-recognition app Shazam for $400M

Shazam -

LONDON: After we broke the story last week that Apple was acquiring London-based music and image recognition service Shazam, Apple confirmed the news today. It is purchasing the startup – one of earliest players in the world of mobile music – as part of its bigger ambitions in the music business.

Here is the statement that Apple provided us.

“We are thrilled that Shazam and its talented team will be joining Apple. Since the launch of the App Store, Shazam has consistently ranked as one of the most popular apps for iOS. Today, it’s used by hundreds of millions of people around the world, across multiple platforms. 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, and we look forward to combining with Shazam upon approval of today’s agreement.”

Apple did not disclose the price but we have several sources that have confirmed to us that the deal is in the region of $400 million.

Sources also tell us that Apple’s deal had been in the works for about five months and came after Shazam had been in talks with others, including Snapchat and Spotify.

Apple generally does not spell out the details of how it plans to use acquisitions, but there are a number of areas where Shazam’s current business overlaps with that of Apple’s, making for an interesting range of possibilities for where and how the two will work together.

Shazam’s core business is in music recognition: people use its app to capture a clip of music that is playing, and then it matches that against its large database to tell you what you are listening to, a business that has brought the company over 1 billion downloads of its app to date.

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