Apple Snatches Shazam From Spotify And Snap

After a week of rumors, Apple has finally confirmed that it was acquiring the startup Shazam, which is known for its service of recognizing music and giving the name to users. The iPhone maker managed to snatch the company away from other potential suitors, which apparently included Spotify and Snap. This acquisition improves Apple’s lineup of music services.

In a statement to Tech Crunch, Apple provided confirmation with regards to the acquisition as well as some hints as to what it intends to do with the startup. It’s worth noting that Apple has been one of the pioneers of offering mobile music services and Shazam is an essential app to some due to how handy it can be at recognizing songs or compositions.

“We are thrilled that Shazam and its talented team will be joining Apple. Since the launch of the App Store, Shazam has consistently ranked as one of the most popular apps for iOS. Today, it’s used by hundreds of millions of people around the world, across multiple platforms. Apple Music and Shazam are a natural fit, sharing a passion for music discovery and delivering great music experiences to our users. We have exciting plans in store, and we look forward to combining with Shazam upon approval of today’s agreement,” the statement reads.

There have been no details with regards to how much the acquisition costs, but apparently, some sources have told the publication that it was around the region of $400 million. Apple also provided a statement to The Verge, putting particular emphasis on how Shazam is one of the hottest music services in the business right now.

The company was even valued at $1 billion during its previous round of funding. Unfortunately, the startup has struggled to monetize its services and only managed to bring in $56 million in revenue for the entirety of 2016.