Apple is reportedly gearing up to acquire Shazam, the popular music recognition app that lets people identify any song by ‘listening’ to an audio clip.
According to TechCrunch, the deal could be signed as early as next week with one unnamed source telling the publication that Apple could pay £400 million for the London-based company.
Shazam has, over its 18-year history, raised $143 million from numerous investors including Kleiner Perkins, DN Capital, IVP and strategic investors Sony Music, Universal Music and Warner Music owner Access Industries. The company was reportedly valued at approximately $1 billion when it closed its last funding round in 2015.
Shazam generated revenue of more than £40 million in 2016, an increase of 14 per cent from £35.2 million a year earlier. The company’s app has been downloaded more than a billion times.
Apple and Shazam have neither confirmed the deal nor publicly commented on it.