After months of deliberations and negotiations, Shazam has selected Apple to acquire their London based company. For the last eighteen years Shazam has provided their music discovery services to users. They began in 2002 as an AT&T calling service, but later transitioned to an App which was released for Apple and Android devices in 2008.
The company shifted to an advertising model in 2016, which helped them to finally turn a profit. However the company, whose net worth is valued around one billion, decided to sell the company regardless of the improvement. The company negotiated with Snapchat, Spotify and Apple for months on end, but has just announced they have finally chosen Apple.
Although Apple has declined to share the financial details of the deal, the sale is reportedly budgeted around the $400 million mark according to Billboard. Apple however did share their thoughts on the successful acquisition: “Apple Music and Shazam are a natural fit, sharing a passion for music discovery and delivering great music experiences to our users.” They also teased news for exciting projects now that the acquisition is complete.
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