Published: Sun, December 10, 2017
Sci-tech | By Jackie Newman

Apple Expected to Buy Shazam for $400 Million

Apple Expected to Buy Shazam for $400 Million

APPLE is close to acquiring SHAZAM, the app that can identifies songs, movies, and TV shows from audio clips, TECHCRUNCH reports.

According to TechCrunch, the deal will be signed anytime now, and the official announcement can be heard on Monday.

Things get interesting with Shazam app, as it integrates augmented reality feature to find content based on pictures captured using the app.

Being acquired by Apple could help Shazam by giving it access to Apple's famously deep pockets and more direct access to iOS users, if the decision is made to keep Shazam as a standalone app. The application passed the 1 billion download mark last September. Shazam has raised $143 million since 2002, and finally made a profit of $54 million a year ago due to advertising revenues. Because according to The Wall Street Journal, Shazam accounted for 10% of all digital music purchases past year. The technology users to scan books, magazines, advertisements, posters, and other physical products that could later release product visualizations, 3D animations, and also 360 degree videos.

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The deal will be announced next week, according to reports.

Snapchat could also lose out if this deal goes through. Yet it only pulled a revenue of $54 million that year and lost $5.3 million.

The buyout would cement an already cozy relationship between the two companies, with Shazam letting buy songs on Apple Music once they've been pinpointed. However, the deal price is much lower than the $1.02 billion valuation during its 2015 funding round.

If Apple is considering making its very own Google Lens, then this would be a good step towards achieving the goal.

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