Apple Set to Buy Shazam Music App for $400M
The deal is in its final stages and Apple is all but set to buy the popular music recognition app - Shazam at a price of $400M which is about £300M British pounds and about N144,000,000,000 in Nigerian Naira.
Shazam is a UK company founded in 1999, allows people to use their smartphone or computer to identify and buy music through a snippet of sound.
According to Shazam, over 100 million people makes use of their app monthly. They makes majority of their revenue from commissions paid on referrals to Apple's iTunes Store.
Although, ever since TechCrunch reportedthis news, neither Apple nor Shazam have commented on it yet.
If the deal is confirmed, Shazam will become the latest in a string of UK technology firms to be bought up by larger businesses.
By acquiring Shazam, Apple would basically cut out the middleman and save money on commissions.
It would also hurt the competition, since Shazam would no longer be referring people to rivals Spotify and Google Play Music.
The deal would also help the Apple Music service gain ground on Spotify, by making it easier for users to find songs and add them to playlists.
At present, Spotify has 60 million users worldwide, while Apple Music has just 27 million.
Shazam is a UK company founded in 1999, allows people to use their smartphone or computer to identify and buy music through a snippet of sound.
According to Shazam, over 100 million people makes use of their app monthly. They makes majority of their revenue from commissions paid on referrals to Apple's iTunes Store.
Although, ever since TechCrunch reportedthis news, neither Apple nor Shazam have commented on it yet.
If the deal is confirmed, Shazam will become the latest in a string of UK technology firms to be bought up by larger businesses.
By acquiring Shazam, Apple would basically cut out the middleman and save money on commissions.
It would also hurt the competition, since Shazam would no longer be referring people to rivals Spotify and Google Play Music.
The deal would also help the Apple Music service gain ground on Spotify, by making it easier for users to find songs and add them to playlists.
At present, Spotify has 60 million users worldwide, while Apple Music has just 27 million.