Over last couple of years, Apple’s music business have grown significantly without any significant sign of slowing down the progress. Earlier this year, the tech giant introduced several products that suggested that the company is looking to bring several products based on augmented reality in the coming years. Now, reports have suggested that the company is close to purchase Shazam.
The latest news comes thanks to a report by TechCrunch which cited its sources to claim that a deal could be announced as early as on Monday for a sum over $400 million. At the moment however, not much regarding the deal is known.
Earlier in September, Shazam reported that it has surpassed one billion downloads across devices. In case you didn’t know, the app can identify music, television shows and other media based on an audio clip. Recently, the app expanded its functionality of identifying images through AR capability. As a result, the latest report holds ground that Apple might be interested in purchasing the company.
At the moment however, it’s unclear how Apple is planning on integrating Shazam’s capabilities to company’s other applications and services. Given that Shazam already sends a lot of traffic to sites like Spotify and makes profit thanks to its referrals, it’s possible that Apple won’t have any issue to keep the service profitable. Given that Apple is also working on bringing AR based products, it might be planning on integrating Shazam’s AR capabilities to high end devices. However, we will have to wait few more days to find out if the deal actually goes through.