Apple is reportedly purchasing the popular music-identifying app Shazam. According to the report, the deal has been finalised for around $401 million, which may seem a lot until we take Shazam's valuation after its last round of funding into consideration. It can integrate with other apps like SNAPCHAT and APPLE's Siri, and it now sends considerable traffic to SPOTIFY and APPLE MUSIC, which pays it when those clicks convert to purchases.
Likewise, a decision to shut down the app will also hurt its competitors, such as Spotify and Google Play Music, where Shazam reportedly sends over 1 million clicks per day. The good news from that was that it was only a quarter of its reported $20 million in losses from 2015. But the company has had to adapt to the rise of streaming services - including Apple's own Apple Music.
Shazam's app now lets users identify and share audio, TV shows, printed material (such as magazine ads and movie posters) and augmented-reality content.
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During its September 2017 earnings report, Shazam posted $54 million in revenue over the course of its 2016 fiscal year, a turnaround from its previous two years.
Apple would obviously want to use Shazam to bolster its music business - and drive sales and subscriptions from users who "Shazam" songs. As it stands, 10% of Apple's digital download sales come from referrals made from the Shazam app.
The new features allow Shazam to build more strategic partnerships and drive engagement with the app.
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