Apple has acquired Shazam, the popular music identifying service, in a deal reportedly worth "around" $400 million United States dollars.
APPLE issued a statement describing SHAZAM as "natural fit" with its services.
"We can't imagine a better home for Shazam to enable us to continue innovating and delivering magic for our users", Shazam cited in a separate statement. Its simple yet useful function - identifying a song that's playing on the radio or elsewhere - has earned it more than 1 billion downloads since it was released for the iPhone in 2008. However, some of the features of Shazam app conceivably can blend into Apple music streaming services that have accumulated more than 27 million subscribers since the company as created in 2015.
The deal announced Monday will be a disappointment for some of Shazam Entertainment Ltd.'s investors, including Mexican billionaire Carlos Slim and venture capital firms Kleiner Perkins Caufield & Byers, Institutional Venture Partners and DN Capital Ltd. This is pretty low considering the app got valued at $1 billion during its most recent funding round.
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Built by Shazam Entertainment Ltd, a British app development company, Shazam is used by hundreds of millions of people each month to instantly identify music that's playing and see what others are discovering.
Another change to Shazam could appear in the form of a new way to listen to recognised music.
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The exact valuation of the deal has not been publicly disclosed, but given that yesterday's report was accurate, $400 million is likely in the right ballpark. There's also speculation that Shazam's music-recognition feature might be added to Apple's long-delayed HomePod intelligent speakers. "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. Now the Shazam app lets you pick your music streaming platform of choice to hear the song that was recognised.
Apple has officially confirmed that it has acquired music recognition application Shazam. Shazam has visual recognition tech and an AR platform for brandsthat could help in the development of a Google Lens-type feature and improve its ARKit efforts.
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