Apple in talks to acquire Shazam music identification Program: Origin
Apple Inc. is in talks to acquire Shazam Entertainment Ltd., whose software helps users identify songs by pointing their telephone for an audio source, according to a person familiar with the circumstance.
Shazam’s smartphone program is already closely integrated with Apple’s Siri electronic assistant. Users of Apple’s iPhone with the Shazam program installed may say: “Hey Siri, what is that tune?” And the program will identify it. But Shazam has other attributes, like the ability to determine television shows, that don’t yet work with Siri.
Tech news site TechCrunch reported that the talks before, writing that Apple could cover $400-million for Shazam and a deal could be signed as early as next week.
Shazam didn’t respond to a request for comment.
Privately-held, UK-based Shazam has increased $143-million from DN Capital Limited, Institutional Venture Partners, and Kleiner Perkins Caufield amp; Byers, amongst others, over its 18-year history, based on PitchBook, a company that tracks personal venture investments.
The cost TechCrunch reported would fall much below Shazam’s latest $1-billion evaluation reported by PitchBook.
An acquisition of Shazam can help bolster Apple’s music efforts by making it easier for users to locate songs and add them to playlists in its Apple Music service. As of mid-2017, Apple Music had 27 million subscribers, behind rival music streaming service Spotify’s 60 million consumers.
Courtesy: The Globe And Mail