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Apple to acquire Shazam
10 December 2017, 02:27 | Gretchen Simon
Apple Music integrated with Shazam? We'll have to wait and see. Patricia Puentes CNET
It's unclear exactly how Apple might use Shazam's technology, though it could be used to strengthen Siri, which some analysts say has lagged behind Google and Amazon's Alexa audio recognition solutions. Later that year, it arrived on Android, and it has continued to maintain a strong userbase.
For its latest known financial year, to the end of December 2016, Shazam Entertainment Ltd turned over £40.29m, with a net loss of £3.67m (see below).
Neither Shazam or Apple have made a public statement about the acquisition at this point.
Shazam has lost some of its shine to newer services like Spotify and Snapchat, but remains a popular feature.
The Shazam app is available on Google Play Store and Apple App Store for free.
The $400 million price that Apple is offering for Shazam is lower than the most recent post-money valuation of $1.02 billion, according to Pitchbook.
Correction: An earlier version of this story reported that the deal was Apple's largest.
In all, Shazam has raised $143.5 million from investors that include Kleiner Perkins, London's DN Capital, IVP and strategic investors Sony Music, Universal Music and Access Industries (which owns Warner Music). "Shazam's early model - keyed by an SMS code and a behavior that was foreign to mobile users - would've been of no interest to Apple". Apple on the other hand will definitely benefit from acquiring Shazam and turning a profit for the iPhone maker shouldn't be a problem. Shazam right now lets users scan magazines, posters, books, advertisements, and other physical products which then launch 3D animations, 360-degree videos, and product visualizations. "And, of course, with Apple's war chest, it can afford to make bets that may pay off in a big way or may not matter much in the long run".
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