Apple In the Process of Buying Music App Shazam

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(Spotify does the same thing.) Apple may want to pull that whole process into Apple Music. The company acquired Beats in 2014 and recently began including original video programming to subscribers of its Apple Music service. She adds that one source said the sale price would be "in the nine figures", while another source said it would be around $400 million.

Apple is on the verge of acquiring Shazam for $400 million, according to multiple reports, far less than a recent $1 billion valuation. On Google Play Store, Shazam has over 100 million downloads with 4.4 rating.

Shazam has been popular for almost 19 years of operation, and has over 1 billion downloads.

Buying out Shazam would also rid Apple of having to pay Shazam for click-throughs to iTunes purchases like it does now. Earlier in September, they reported $54 million in revenue from fiscal 2016 with a loss of $5.3 million pre-tax. If the rumor is true, the company has lost 60% of its value in two years.

Shazam Entertainment Limited was founded in 1999, with the service operating initially through SMS. The app lets you identify any song, movie or a TV show from the audio playing around you.

Yet the real benefit could come from the company's AR features.

If Apple is considering making its very own Google Lens, then this would be a good step towards achieving the goal. However, the marketplace for standalone apps is increasingly competitive as consumers consolidate their time spent in apps on a few favorites ones and big players like Facebook expand services to prevent users from leaving.

Billboard reached out to Shazam for comment but did not hear back at time of publishing.