According to a report by TechCrunch, sources say the deal could be signed as early as this week, with an official announcement planned for Monday. We don't know how much of Shazam's offerings will carry over in the reported acquisition, but given their usefulness, it's doubtful that Apple will not use all of them in some capacity.
Reports of Apple's interest in Shazam surfaced on the same day that Apple announced that longtime executive Jony Ive will resume day-to-day management of the company's design team. With over 1 billion downloads the company will make huge profits and can also make it beneficial for their streaming service of iTunes.
Shazam, which lets users identify songs through their phones' microphones, has been rumoured to be an acquisition target as its losses declined. Shazam also had a deal with Snapchat. Well, before the 24 hour clock ran out, the news began to surface that Apple was reportedly in the process of acquiring Shazam. While that's a lot of money for an app, it's a drop in the bucket for Apple and its almost $300 billion cash reserve.
Shazam's smartphone app is already tightly integrated with Apple's Siri digital assistant.
According to some rumors, Apple is planning to buy a music naming app, Shazam. Yet it only pulled a revenue of $54 million that year and lost $5.3 million.
Shazam's music-recognition technology used to be novel, but now it's relatively easy for anyone to replicate that product. Although the speculation has Apple paying $400 million for the company, in its most recent round of funding in 2015, Shazam raised capital at a valuation of $1 billion.