Apple has acquired music-discovering service Shazam in a reported $400 million deal.
“We are thrilled that Shazam and its talented team will be joining Apple,” an Apple spokesperson said. “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.”
“We are excited to announce that Shazam has entered into an agreement to become part of Apple,” Shazam said in a statement. “Shazam is one of the highest rated apps in the world and loved by hundreds of millions of users and we can’t imagine a better home for Shazam to enable us to continue innovating and delivering magic for our users.”
The deal was reportedly in the works for over 5 months, with Snapchat’s parent company, Snap Inc., and Apple Music’s rival Spotify, also interested.
Shazam has a large database of songs, and helps users to identify what song is playing. It also sends users through to other sites to download and listen to the music at their leisure; it provides more information to users about the music and the artists behind it; it keeps charts of popular music based on the clips that it hears and that people want to identify.
The company is reportedly worth a billion dollars, but it’s lack of a solid, long-term business model is said to be why Apple is getting it at a knockoff price.