As Shazam is holding a billion of users worldwide, so its consumer record and data is itself containing a value of $400 million. Despite generally low revenues, Shazam will be a great acquisition for Apple, not only will it bolster Apple Music, but the company's technology could also translate to Augmented Reality.
Apple confirmed on Monday that it's acquiring Shazam, a UK-based music recognition app.
If the deal is confirmed, Shazam will become the latest in a string of United Kingdom technology firms that were bought up by huge businesses.
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Shazam is already an integral part of Siri, powering the Apple voice assistant's song recognition function. "We have exciting plans in store, and we look forward to combining with Shazam upon approval of today's agreement", the company told the publication. You can select this buy button to purchase that song from iTunes for your Apple device which is a good thing for the valuable consumers. It already has an app for sharing songs via iMessage.
The two companies were in talks for several months, and Shazam also discussed a deal with Snapchat and Spotify, the report said. "Today, it's used by hundreds of millions of people around the world, across multiple platforms", Apple's statement read, according to TechCrunch. Shazam generates revenue by selling advertisements on its app.
Since its launch, Shazam has kept adding to its services.
The technology is also no longer quite as novel, with Shazam facing rivals such as SoundHound and with smartphones capable of ever more advanced recognition functions. The company has launched its own music and video streaming service which nearly took two years to compete with the music companies like Spotify and Pandora. The app has single aim to identify music that is playing and connect users to a service to download or stream it.