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Apple is buying Shazam at a big discount

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The deal for Shazam is reportedly worth as much as $400 million and could be announced as soon as Monday.

TechCrunch is reporting that Apple is "close to acquiring Shazam", which is frustratingly vague.

The deal will be announced next week, according to reports. Artists on Shazam lets you follow famous people and see what music they are Shazamming.

Shazam's technology was introduced in 2002 as a dial-up service that would listen to a song for 30 seconds and send its user a text message identifying it. The company was valued at $1.02 billion in its last funding round in 2015.

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There are numerous reasons that could help explain why Apple could be interested in Shazam, the most obvious one being that Shazam could help improve content discovery within Apple Music. Sources have put the fee at around $400 million United States dollars which is lower than the $1.02 billion post-money valuation the company based their last funding round in 2015 off of.

A spokesman for Apple declined to comment, and representatives of Shazam could not be immediately reached. In 2016, the company added a new augmented reality feature, allowing users to scan branded Shazam codes to unlock deals and games on the app.

Apple would obviously want to use Shazam to bolster its music business - and drive sales and subscriptions from users who "Shazam" songs. The acquisition would help Apple embed that capability more deeply into its music offerings, which include a music-streaming service and the iTunes Store.

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