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Apple is finalizing a deal to acquire Shazam

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Apple is on the verge of acquiring Shazam, the music recognition app. The deal is reportedly for $400 million.

If Apple does acquire Shazam, it will upset competing streaming services like Spotify and Google Play Music. Shazam also has a deal with Snapchat. It’s still unclear how the purchase will affect any of these agreements.

Launched way back in 1999 and with over 1 billion downloads, Shazam has been one of the most popular apps. But over the last few years, the app has lost some its shine to other popular offerings in the segment.

The company only pulled in $54 million in revenue in 2016, while losing $5.3 million in the year.

 

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Abhishek Singh

Author: Abhishek Singh

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