Apple close to purchasing Shazam for estimated $400 million

Justin Sullivan  Getty

Photo Shazam said previous year that it had surpassed a billion mobile downloads. Once specifically devoted to music recognition, Shazam now accepts audio and visual clips to identify songs, movies, and television shows.

We have heard that the deal is being signed this week, and will be announced on Monday, although that could always change.

Investors in Shazam include Kleiner Perkins Caufield Byers, Institutional Venture Partners, DN Capital, Acacia Capital Partners, and Mexican billionaire Carlos Slim's America Movil, along with Universal Music Group, Sony Music Entertainment and Len Blavatnik's Access Industries (parent of Warner Music Group).

Over the years, Shazam has raised more than $143 million in funding, and in 2015 it reached a $1 billion valuation, which is significantly higher than the price Apple is reportedly expected to pay.

In 2015, Shazam posted an annual loss of $22 million dollars. As noted by TechCrunch, though, the company's revenue is modest. Artists on Shazam lets you follow famous people and see what music they are Shazamming.

Shazam CEO Rich Reilly and spokesman Giovanni Bossio did not respond to repeated requests for comment; an Apple rep declined to comment.

A deal between Apple and Shazam is in the works, with the former buying the latter very soon. Shazam has also been exploring ways to leverage augmented reality (AR) technology to connect users to content, and we all know how Tim Cook feels about AR. 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.

The acquisition could be a smart move for both Shazam and Apple.

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