Apple have confirmed their acquisition of Shazam giving them full ownership of the popular music recognition app.
First announced last week as a rumour, Apple have now confirmed that they have bought song identification application Shazam. The purchase puts Apple in a strong position as the new port of call when discovering music you don’t know the name of.
An Apple spokesperson speaking to Verge said: “We are thrilled that Shazam and its talented team will be joining Apple. Apple Music and Shazam are a natural fit, sharing a passion for music discovery and delivering great music experiences to our users. We have exciting plans in store, and we look forward to combining with Shazam upon approval of today’s agreement.”
The deal ended up being worth $400 which came as a surprise to some considering Shazam’s 2015 valuation of over $1 billion. Despite their high valuation thanks to a massive userbase and recent explorations into a marketing business Shazam have still struggled to make themselves fully profitable.
Shazam told Verge: “We are excited to announce that Shazam has entered into an agreement to become part of Apple. Shazam is one of the highest rated apps in the world and loved by hundreds of millions of users and we can’t imagine a better home for Shazam to enable us to continue innovating and delivering magic for our users.”
At the moment Shazam works with a bunch of music stores and streaming services like Spotify and Deezer. With Apple’s acquisition the song recognition app could link exclusively to iTunes and Apple Music giving Apple a monopoly on music discovery via Shazam scanning.
Shazam’s powerful business working with brands for unique marketing campaigns is also likely an eyebrow-raiser for Apple.
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