Apple Said to Be Acquiring Shazam, the Song Identifying App

Apple is reportedly buying Shazam, a music recognition app last valued at $1 billion

Apple is acquiring the music identification app Shazam and will be officially announcing it on Monday, according to sources.

Photo Shazam said previous year that it had surpassed a billion mobile downloads.

As Spotify continues to inch towards a public listing, Apple is making a move of its own to step up its game in music services. The deal isn't quite finalized, per a new report detailing the alleged business matter, but reportedly will be any time now followed by an official statement next week.

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Privately-held, UK-based Shazam has raised $143 million from DN Capital Limited, Institutional Venture Partners, and Kleiner Perkins Caufield & Byers, among others, over its 18-year history, according to PitchBook, a firm that tracks private venture investments. While it's reportedly valued at over $1 billion, TechCrunch sources say Apple is buying it for much less.

In 2015, Shazam posted an annual loss of $22 million dollars.

Representatives for Apple and Shazam did not immediately respond to a request for comment. As noted by TechCrunch, though, the company's revenue is modest.

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It's uncertain what Apple plans to do with Shazam.

Privately held Shazam was founded in 1999, and initially worked by using mobile phones' SMS text-messaging features to ID a song. Shazam has bolstered its features since debuting on the App Store in 2008, now allowing users to identify content on TV, and adding augmented reality marketing for brands.

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