Apple to Acquire Shazam

Apple, Inc. (NASDAQ: AAPL) has been in talks to acquire music identifying software app, Shazam. Already, the app is integrated with Apple’s Siri digital assistant. iPhone users with the Shazam app installed can ask Siri about a particular song and the app will identify it. However, Shazam also has other features that doesn’t quite work with Siri yet, such as the ability to identify television shows. Apple could purchase Shazam for about $400 million that could be finalized as early as next week.

Privately-held Shazam has raised $143 million from private venture investments that include Institutional Venture Partners and DN Capital Limited. Recently, the software app company was valued at $1 billion. This deal between the two companies can enhance Apple’s music efforts by making it easier for users to find songs and add to playlists in the Apple Music service. Apple Music has gained 27 million subscribers as of 2017 so far.

Leave a Comment