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Apple to buy music discovery platform Shazam

Apple to buy music discovery platform Shazam

Shazam also has a feature that lets users see what popular artists are Shazaming, and this could conceivably make its way to Apple Music, giving users another way to connect with artists and discover new music. The report comes from TechCrunch that the company is apparently in the process of acquiring the popular music recognition company or service.

This is much lower than the $1.02bn (£760m) valuation Shazam received in its last funding round in 2015, making it one of the UK's few tech "unicorns", and would come as a heavy blow to its investors which include venture capitalist Kleiner Perkins and Institutional Venture Partners.

Photo Shazam said last year that it had surpassed a billion mobile downloads. One of the sources believes that Apple could be offering a nine-figure amount for the company while others predict that the amount could move around $401 million. The app lets users identify a song or TV show by listening to a short clip, and then helps you find somewhere to listen to or watch it. It made a statutory pre-tax loss of £4 million ($5.3 million) in 2016, which was still a loss but significantly smaller than the £16.6 million loss in FY 2015.

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Shazam Entertainment Limited was founded in 1999, with the service operating initially through SMS. The app has rarely dropped out of the Top 100 most-dowloaded apps on the store since then, according to App Annie.

A spokesman for Apple declined to comment, and representatives of Shazam could not be immediately reached. If the acquisition does take place, it will be interesting to see what happens with the Shazam app on iOS as well as Android. If the app was closed, that would stop. Unlike Shazam, however, Pixel 2 owners don't have to pick up the phone, unlock it, or open the app. Share your views in the comments.