Apple May Acquire Shazam in $401 Million Deal

While neither Shazam nor Apple have commented on the reported acquisition, if the rumors are true, we'll only have to sit through the weekend to find out the facts.

Multinational technology company Apple is reportedly close to a deal to acquire the popular music identification app Shazam for $400 million, according to TechCrunch.

A deal for the app, which identifies songs and other media by matching its soundwaves to a large database, is expected to be announced by Monday.

Since its founding in 1999, Shazam has offered a high-tech solution to listeners' longtime agony over not recognizing music on the radio or in bars, letting users identify songs through their phones' microphones.

According to TechCrunch's anonymous sources Shazam could be acquired for less than the $1.02 billion valuation it received back in 2015.

Of course, nothing has been confirmed either by Apple or Shazam.

Shazam is a quite popular app, which surpassed 1 billion downloads in September 2016 itself.

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

An Apple-Shazam merger would also most certainly hurt competitors such as Google Play Music and Spotify, the latter of which has an existing partnership with Shazam.

Its augmented reality brand marketing service lets you discover content based on pictures that you snap with the app.

A spokesman for Apple declined to comment, and representatives of Shazam could not be immediately reached.

Apple might be adding another notch onto its acquisition belt.