And now the Apple company confirmed the Shazam acquisition which is one of the music recognition app. Not complicated, but a worthwhile way of keeping Apple Music subscriptions growing.
We have been told by multiple sources that the news should be out some time between 8am and 9am Pacific. This year Shazam reported revenue of £40.3 million ($53.3 million) which is not all that good when you consider that Shazam is a British unicorn valued at $1 billion.
Apple has acquired Shazam, the company announced today.
This marks yet another music-related acquisition for Apple, after acquiring the Beats brand (in the form of Beats Music and Beats Electronics) back in 2014 for $3 billion and the TV show, Carpool Karaoke, last year. Shazam is one of earliest players in the world of mobile music, which enables users to identify songs from short audio clips.
Apple could also be interested in Shazam's augmented reality technology. With the acquisition, Apple could further differentiate Siri by tightly integrating Shazam into its voice-based digital assistant.
Shazam only recently said it had become profitable thanks to advertising and to steering traffic to other sites such as Spotify and Apple Music. (And why it could have made sense for Spotify, too.) That hints at some interesting integrations coming up.
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To let Siri replicate the trick or add innovations of its own, Apple might have felt it needed to bring Shazam in-house.
It turns out that the conversations with Snap began about six months ago, after advisor Goldman Sachs drummed up interest.
So there are the primary reasons why Apple bought this music-recognition app.
Eddy Cue, Apple's senior vice president of Internet Software and Services, saw an opportunity for Shazam to help build out its music business. Lately, it's been focused on enhancing its Spotify competitor, Apple Music.
Shazam in November had around 175 million monthly active users across the world from iOS and Android, with a market of 20 million users in the U.S. and 4 million in the UK. Inevitably there will be more chances of operation in the application as Apple will undoubtedly move to upgrade the app with more features and direct linkage with iTunes.