Apple reportedly close to buying Shazam for about $400 million

Apple buying Shazam

A decade ago, Apple's iPhone helped make a music-tech star out of Shazam, the app that, nearly like magic, could identify a song just by hearing a few seconds of it. Sources say the companies will announce the acquisition on Monday, December 11.

Investors in Shazam include Kleiner Perkins Caufield Byers, Institutional Venture Partners, DN Capital, Acacia Capital Partners, and Mexican billionaire Carlos Slim's America Movil, along with Universal Music Group, Sony Music Entertainment and Len Blavatnik's Access Industries (parent of Warner Music Group).

The company was last valued at over $1 billion, according to PitchBook, rendering Apple's purchase price of $400 million a significant discount.

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

United States defense chief calls for deepening anti-terror cooperation with Pakistan
Pakistan is confident that the United States will amend its South Asia strategy announced by President Trump in August this year. En route to Pakistan Mattis told reporters he would not use pressure as a tactic, and insisted he would do "some listening".

A lot of SHAZAM's offerings dovetails with what APPLE is already working on already. Last year, the company said that it had surpassed a billion mobile downloads and was used by "hundreds of millions of people each month".

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

Founded in 1999 before officially launching in 2002, Shazam was one of the first services able to identify the name and artist of a song by listening to it through a user's phone. 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.

Apple and Shazam are yet to comment on the reports.

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