Apple is reportedly close to snapping up the popular music, film, tv show, and ad identification app Shazam for a figure of around £300m ($401m).
The deal, which was first reported by TechCrunch, could be announced as early as today (11 December). It would likely see Apple integrate Shazam’s popular feature directly into iPhones.
Shazam, founded as an SMS service in 1999, last announced it had passed 1bn downloads more than a year ago in September 2016, so it’d be fair to assume that figure could be much higher by now. Despite those numbers, the company reportedly only made £40.3m in revenues in its fiscal year for 2016. And, because of this, it looks like Apple will pick up the company for way down on the $1.02bn post-money valuation the company had in its last funding round in 2015.
This funding round took the company’s amount raised from investors up to $143.5m. Investors included the likes of Sony Music Entertainment, Universal Music Group, and Warner Music Group owner Access Industries.