Apple has acquired Shazam
Still remember the Apple-Shazam deal that we have reported earlier? Apple has finally announced its acquisition of audio recognition company Shazam for a reported $400m.
Shazam lets users identify songs, movies, TV shows, and commercials from short audio clips. It is popular with smartphone users but it has struggled to make much money, with revenues of $54m in 2016. The company had earlier planned to float on the stock market at a suggested valuation of $1bn.
Shazam said they have entered into an agreement to become part of Apple. Shazam is one of the highest rated apps in the world and loved by hundreds of millions of users and they cannot imagine a better home for Shazam to enable them to continue innovating and delivering magic for their users.
“We are thrilled that Shazam and its talented team will be joining Apple. Apple Music and Shazam are a natural fit, sharing a passion for music discovery and delivering great music experiences to our users. We have exciting plans in store, and we look forward to combining with Shazam upon approval of today’s agreement.”Apple told The Verge.
The Shazam app is still available on the Play Store for now. We expect it will be exclusive to Apple’s app ecosystem soon after acquisition. Shazam will play a big role in implementing music recognition for the HomePod. Shazam’s team could also help improve the experience of the Apple music. The deal should close in the coming weeks pending regulatory approval.