Apple Is Reportedly Looking To Buy Shazam For A Cool $400 Million

The deal for Shazam is reportedly worth as much as $400 million and could be announced as soon as Monday. Whether this perceived lack of profitability explains the lower price Shazam has reportedly been sold for is unclear, but it's certain that Apple has scored a bargain here. Shazam and Apple have had a partnership for a number of years that allows users of the app to purchase on iTunes, songs whose title they discovered using Shazam.

Correction: An earlier version of this story reported that the deal was Apple's largest.

Neither Apple nor Shazam has confirmed a deal is in the works.

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

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The sources said Apple will pay somewhere between £100 and £300 million for the UK-based app, which has earned over 1 billion downloads on all platforms.

As Spotify continues to inch towards a public listing, Apple is making a move of its own to step up its game in music services.

Shazam's technology was introduced in 2002 as a dial-up service that would listen to a song for 30 seconds and send its user a text message identifying it.

First launched in 1999, Shazam has grown significantly over the last several years. However, that would be less than the over $US1 billion valuation Shazam announced after its 2015 round of funding. Apple, for one, is known for its timely acquisitions, and this time, it's eyeing one of the most popular services to boost its music interests. The app's features are also integrated into virtual assistant Siri.

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