Apple is buying Shazam at a big discount

AAPL Stock Rebounds After Apple Buying Shazam Report

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. Later that year, it arrived on Android, and it has continued to maintain a strong userbase. Shazam continues to be a popular app - it is used by more than 100 million people each month, according to Shazam, which has raised $143.5 million from investors like Kleiner Perkins, Sony Music and Universal Music. The London-based company boasts more than 100 million monthly users, and hit one billion total downloads previous year. Recode adds that Snapchat parent Snap also approached Shazam for a deal, but eventually Apple won.

Yesterday we posted a report that noted it had been a busy 24 hours in the streaming music business with news of a new YouTube music service and Spotify and Tencent acquiring minor stakes in each other.

The Shazam app allows users to identify the music that's playing nearby, such as a song in a restaurant or cafe. 20 million times a day. Because according to The Wall Street Journal, Shazam accounted for 10% of all digital music purchases past year.

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The price TechCrunch reported would fall far below Shazam's most recent $1 billion valuation reported by PitchBook. Now, it also identifies movies, TV shows, and has augmented reality features as well.

The company's CEO Rich Riley noted earlier this year, however, that operating at or near profitability is the intention as it's been growing; and he also hinted that the company was, as a result, likely an acquisition target. If you're unfamiliar, Shazam's AR platform lets you scan objects to be presented with things like 360-degree videos and 3D animations right on your phone's screen.

If Apple is considering making its very own Google Lens, then this would be a good step towards achieving the goal.

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