Apple Is Reportedly 'Close' to Acquiring Shazam

Apple is reportedly buying Shazam, a music recognition app last valued at $1 billion

According to TechCrunch's anonymous sources Shazam could be acquired for less than the $1.02 billion valuation it received back in 2015. But the company has had to adapt to the rise of streaming services - including Apple's own Apple Music. Shazam and Apple have had a partnership for a number of years that allows users of the app to purchase on iTunes, songs whose title they discovered using Shazam.

Reps for Apple and Shazam did not immediately respond to TheWrap's request for comment. The London-based company boasts more than 100 million monthly users, and hit one billion total downloads previous year. The company says its app has been downloaded over 1 billion times by users in over 190 countries, and that its users "Shazam" content more than 20 million times per day.

In 2015, Shazam posted an annual loss of $22 million dollars.

Now TechCrunch's Ingrid Lunden is reporting that Apple will buy the company in a deal could be announced as soon as Monday.

The company's CEO Rich Riley noted earlier this year, however, that operating at or near profitability is the intention as it's been growing; and he also hinted that the company was, as a result, likely an acquisition target.

Shazam Entertainment Limited was founded in 1999.

The service even spawned a TV show called "Beat Shazam", which is exactly what it sounds like.

Apple is set to acquire UK-based music identification startup Shazam next week for a sale price of up to $400m.

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