BUSINESS NEWS - Apple Inc on Monday confirmed it had reached a deal to acquire Shazam Entertainment Ltd, the UK-based app that lets users identify songs by pointing a smartphone at the audio source.
Apple did not give a price for the acquisition.
Technology news website TechCrunch reported the deal on Friday with a price of as much as $400 million, far short of the most recent $1 billion valuation for privately held Shazam.
Apple said Shazam would be a “natural fit” with its Apple Music streaming service and it would help users discover new songs.
Apple Music has 27 million users and competes against Spotify Ltd, which has 60 million users.
Apple said Shazam’s team would be joining the Cupertino company.
In a statement, Apple spokesperson Tom Neumayr said Shazam “is used by hundreds of millions of people around the world, across multiple platforms.
... We have exciting plans in store, and we look forward to combining with Shazam upon approval of today’s agreement.”
