Apple Closing In On Purchase Of Shazam

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Apple is nearing a deal to acquire music identification app Shazam. The user can fire up the app to know about the song they are listening. 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. Sources familiar with the development told TechCrunch that the deal could be finalised this week, with official announcements as early as Monday.

So, what's in it for Apple?

Both companies have yet to comment on the supposed merger at this point in time.

TechCrunch, who was first to report on Apple acquisitions Vrvana, Invisage and Regaind, is now reporting that Apple has acquired Shazam.

There's another possible benefit.

Not only Apple, Snapchat's parent company, Snap was reportedly also previously interested in Shazam. It could not be said with clarity that how would this acquisition affect on any of the earlier made agreements. 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. It's also a ideal fit, seeing as Apple is also hell-bent on improving its ARKit platform. With over 1 billion downloads the company will make huge profits and can also make it beneficial for their streaming service of iTunes. But in 2016 the company had pulled down to revenue of $54 million, whilst losing $5.3 million in the year was a sign that it had a long path to go.

The price was not known, but was expected to be far less than the $1 billion that Shazam was valued at in its most recent fund-raising round in 2015.