Apple Purchases Music Discovery App Shazam

Apple and Shazam confirmed to multiple outlets Monday, Dec. 11, the acquisition of one of iOS’ earliest music discovery apps by the tech giant.

The deal is estimated at $400 million, significantly less than the $1 billion Shazam was valued at during its last funding round. Shazam brought in $54 million in revenue for 2016 and has lately been dabbling in AR technology.

Apple’s full statement from spokesperson Tom Neumayr:

“We are thrilled that Shazam and its talented team will be joining Apple. Since the launch of the App Store, Shazam has consistently ranked as one of the most popular apps for iOS. Today, it’s used by hundreds of millions of people around the world, across multiple platforms. Apple Music and Shazam are a natural fit, sharing a passion for music discovery and delivering great music experiences to our users. We have exciting plans in store, and we look forward to combining with Shazam upon approval of today’s agreement.”

“We are excited to announce that Shazam has entered into an agreement to become part of Apple,” said Shazam’s spokesperson Giovanni Bossio. “Shazam is one of the highest-rated apps in the world and loved by hundreds of millions of users and we can’t imagine a better home for Shazam to enable us to continue innovating and delivering magic for our users.”

The deal should close in the coming weeks pending regulatory approval.