BusinessCompany News

Actions

Apple Might Be About To Buy Shazam

Apple is reportedly about to acquire music discovery service Shazam, which has recently branched out into augmented reality.
Posted at 9:24 PM, Dec 08, 2017
and last updated 2017-12-08 21:24:54-05

Apple might be about to acquire music identification app Shazam — for a song. 

Multiple reports say Apple is in talks to buy Shazam. The asking price is reportedly about $400 million, well below the company's last valuation at $1 billion.

Shazam used to mainly make money off a commission on music purchases made via its discovery service. But the company has had to adapt to the rise of streaming services — including Apple's own Apple Music.

Apple might also value Shazam for its augmented reality platform, which it largely uses to build virtual ads in specific images. Apple's been taking a greater interest in AR in recent years, along with the rest of the tech industry.