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Apple set to buy Shazam for $400 million

Apple set to buy Shazam for $400 million

Now, approximately nine years later, Apple is reported to be buying Shazam for $400 Million. Shazam's iOS app was also one of the very first apps on the Apple App Store when it launched in 2008, and it remains one of the most popular apps on the platform.

Neither company has confirmed talks. Additionally, Shazam has recently developed the ability to use audio or video clips to identify TV shows, movies, and even advertisements, opening up a whole realm of possibilities for seamless integration into Siri and other Apple offerings.

If you're like me and haven't used it since about 2007, than you might have forgotten that Shazam, is an app that figures out what song is playing in your current environment.

In the tech and music worlds, speculation has proliferated on the possible motives for Apple to buy the company, especially as the technology behind the app's song-identification is reportedly easy to replicate nowadays. Artists on Shazam lets you follow famous people and see what music they are Shazamming.

In September past year, Shazam - which also identifies TV shows, films and advertisements - hit 1 billion downloads and had for the first time achieved profitability, thanks largely to revenue from advertisers. Sources have put the fee at around $400 million Dollars which is lower than the $1.02 billion post-money valuation the company based their last funding round in 2015 off of. Notably, though, both of the numbers we've heard are lower than the $1.02 billion (according to PitchBook) post-money valuation the company had in its last funding round, in 2015.

It's uncertain what Apple plans to do with Shazam.

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