Apple Acquires Shazam For $400 Million

Apple plans to make the app ad free soon.

By:
Stefon Walters

|

Wed Sep 26 2018 00:00:00 GMT+0000 (Coordinated Universal Time)

The news broke last year that Apple planned to buy Shazam, but now the deal is officially done. Apple spent $400 million to buy the music recognition app -- which, all things considered, is just a drop in the bucket for a company that has over $285 billion in pure cash.

Although it doesn't compare to the $3 billion price tag Apple paid to buy Beats in 2014, this deal is one of Apple's priciest acquisitions to date.

It's hard to say just how Apple plans to integrate Shazam into their business, but I'm sure this will help them gain some ground in the music streaming industry.

 

Apple Music recently hit 50 million listeners but they're still lacking in listeners compared to companies like Spotify and Pandora, which have 170 million and 74 million listeners, respectively.

 

Shazam reached 1 billion downloads in 2016 so they definitely have no shortage of potential users. Last year it was reported that Shazam made around $54 million in revenue.

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