Apple is abutting to nailing bottomward a accord to buy media-recognition app maker Shazam Entertainment, according to a TechCrunch address Friday.
Apple could advertise the acceding to buy London-based Shazam as anon as Monday, according to the report. TechCrunch cited an bearding antecedent as adage the accord is account about $400 actor — far beneath than the appraisal of added than $1 billion Shazam appear in 2015, afterwards its best contempo annular of funding.
Apple beneath to comment. Reps for Shazam did not acknowledge to requests for comment.
Apple would acutely appetite to use Shazam to bolster its music business — and drive sales and subscriptions from users who “Shazam” songs. The two companies accept had a longstanding business relationship, beneath which Shazam app users can bang through to acquirement songs on iTunes that they’ve identified. Shazam’s appearance are additionally chip with Apple’s Siri articulation assistant.
Privately captivated Shazam was founded in 1999, and initially formed by application adaptable phones’ SMS text-messaging appearance to ID a song. In 2008, Shazam was amid the aboriginal apps in Apple’s then-brand-new App Store.
Shazam’s app now lets users analyze and allotment audio, TV shows, printed actual (such as annual ads and cine posters) and augmented-reality content. In accession to its accord with Apple, Shazam lets users beck songs ID’d in its app through Spotify, Deezer, Google Play Music and YouTube. The aggregation says its app has been downloaded over 1 billion times by users in over 190 countries, and that its users “Shazam” agreeable added than 20 actor times per day.
Investors in Shazam accommodate Kleiner Perkins Caufield & Byers, Institutional Venture Partners, DN Capital, Acacia Capital Partners, and Mexican billionaire Carlos Slim’s America Movil, forth with Universal Music Group, Sony Music Entertainment and Len Blavatnik’s Access Industries (parent of Warner Music Group). The aggregation has aloft added than $140 actor to date.
Shazam has been operating at a accident as it has connected advance in its app. For 2016, the aggregation appear sales of £40.3 actor ($54 million) and a net accident of £4 actor ($5.4 million), according to banking filings in the U.K. That’s compared with 2015 acquirement of £35.2 actor ($47 million) and a net accident of £16.6 actor ($22 million).
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