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Report: Apple to acquire music recognition app Shazam

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Report: Apple to acquire music recognition app Shazam

Apple Inc. is nearing a deal to buy music recognition app Shazam, TechCrunch report Dec. 8, citing unnamed sources.

One of TechCrunch's sources said the deal price is in nine figures, while another said Apple is paying about $401 million for the company. Both numbers are reportedly lower than the $1.02 billion post-money valuation Shazam received in its last funding round in 2015.

The deal is expected to be signed this week, with an announcement scheduled for Dec. 11, according to the report.

Launched in 1999, Shazam allows users to identify songs, TV shows, films and commercials. The company generated roughly $54 million in revenues in fiscal 2016.