According to a Reuters report,applesIt was confirmed on Monday that an agreement has been reached to acquire British music recognition application Shazam Entertainment Ltd. Users can identify songs by opening the app and pointing their smartphone at the audio source.
Apple did not announce the purchase price. The tech news site TechCrunch reported on the deal on Friday, saying the price was around $400 million, far below Shazam's recent valuation of $1 billion.
Apple said that Shazam and the Apple Music (Apple Music) streaming service are a “match made in heaven.” Apple Music has 27 million subscribers, and its rival Spotify Ltd has 60 million subscribers.
Apple didn't elaborate on its plans, but Apple can't make major changes to Shazam until regulatory approval is obtained. (End)