Apple is reportedly days away from acquiring music and audio recognition app Shazam for a $400 million.
For its latest known financial year, to the end of December 2016, Shazam Entertainment Ltd turned over £40.29m, with a net loss of £3.67m (see below). Shazam's features are also integrated with Apple's Siri voice assistant. The Verge posits that Shazam's recently launched augmented-reality platform could be a starting point if Apple were to create its own version of Google Lens. It's also not hard to imagine that the often used Save To Spotify feature within the Shazam app will go away forever.
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Stockholm-based Spotify earlier Friday announced that it and China's Tencent were taking minority stakes in each other - a likely sign of Spotify's growth ambitions in the world's most populous country, where it is not yet present. 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. Now it seems that this sound and music recognition technique will be marked under the name of Apple.
Apple is making another big move this year. Because according to The Wall Street Journal, Shazam accounted for 10% of all digital music purchases past year. The technology lets users scan magazines, books, posters, advertisements, and other physical products which could then launch 3D animations, product visualizations, and 360-degree videos.