Per Tech Crunch, software giant Apple may be looking to acquire Shazam, the ridiculously useful app that allows you to hold your phone at an audio clip from any song, movie, ad, or TV show and figure out where it’s from. The application passed the 1 billion download mark last September.
The deal is supposedly done with an announcement set for next Monday. Sources have put the fee at around $400 million USD which is lower than the $1.02 billion post-money valuation the company based their last funding round in 2015 off of. WSJ also noted that Shazam sends over 1 million clicks a day to Apple’s music streaming platform competitors Spotify and Google Play Music.
Shazam has also found money hard to come by in recent years. Earlier in September, they reported $54 million in revenue from fiscal 2016 with a loss of $5.3 million pre-tax. The company also lost approximately $22 million the year before that.
Both companies have yet to comment on the supposed merger at this point in time.