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09 December 2017, 06:36 | Deanna Wagner
AAPL Stock Rebounds After Apple Buying Shazam Report
Apple is nearing a deal to buy music recognition app Shazam at a valuation in the hundreds of millions of dollars, several outlets reported Friday. TechCrunchsays the deal will be officially announced on Monday.
The benefits of such a deal are obvious, as Apple now pays Shazam a commission for the users the latter directs from its app to iTunes or Apple Music.
Neither company has confirmed talks. The app adds some features on top of that, namely keeping track of your audio discoveries, plus providing links to listen to the songs.
If you're like me and haven't used it since about 2007, than you might have forgotten that Shazam, is an app that figures out what song is playing in your current environment.
The most obvious is bringing Shazam's music recognition capabilities to Apple Music, perhaps helping users more easily find music.
The deal will be announced next week, according to reports. During its last funding round in 2015, Shazam was valued at more than $1 billion.
Reps for Apple and Shazam did not immediately respond to requests for comment. Shazam has also been exploring ways to leverage augmented reality (AR) technology to connect users to content, and we all know how Tim Cook feels about AR. Artists on Shazam lets you follow famous people and see what music they are Shazamming. That said, the acquisition makes sense as the platform already drives users to Apple Music and is compatible with Siri. Now, it appears that the invaluable music app has been eyed by tech giants Apple, who have reportedly made plans to purchase it for a surprisingly low price.
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