“Since the launch of the App Store, Shazam has consistently ranked as one of the most popular apps for iOS,” the statement continued. “Today, it’s used by hundreds of millions of people around the world, across multiple platforms. Apple Music and Shazam are a natural fit, sharing a passion for music discovery and delivering great music experiences to our users. We have exciting plans in store, and we look forward to combining with Shazam upon approval of today’s agreement.”
Additionally, Shazam released the following statement: “We are excited to announce that Shazam has entered into an agreement to become part of Apple. Shazam is one of the highest rated apps in the world and loved by hundreds of millions of users and we can’t imagine a better home for Shazam to enable us to continue innovating and delivering magic for our users. ”
Financial details of the acquisition weren’t disclosed by Apple, but the purchase price is reportedly around $400 million. Techcrunch was first to report about the acquisition Friday. Shazam was at one point valued $1 billion, and has raised more than $143 million from investors.
U.K.-based Shazam was founded in 1999, and initially launched as phone-based music recognition service that allowed users to identify songs by calling into a special number. These days, the company is better known for its music recognition apps, which have been downloaded more than 1 billion times across a variety of mobile platforms.
There is no word yet on what the acquisition means for Shazam’s existing business. Shazam has been working closely with Spotify in the past, allowing users of its app to add recognized songs to Spotify playlists and to listen to Spotify music directly from within Shazam’s app.
Shazam’s efforts to expand beyond music recognition have been a bit of a mixed bag. The company launched visual search in 2015, but failed to gain a lot of traction for the service. It has seen more success in a partnership with Fox for its competitive reality show “Beat Shazam.” The show, which has contestants trying to beat the company’s app in recognizing songs, first aired in May, and has been renewed for a second season.
Shazam is one of Apple’s biggest acquisitions to date. Apple used to shy away from big deals, and instead acquired smaller teams to build its own products in-house. However, Apple’s M&A appetite has been growing in recent years. In May, it acquired artificial intelligence startup Lattice Data for $200 million; a year before that, it spent the same amount for machine-learning startup Turi.
Apple’s biggest acquisition by far remains its $3 billion purchase of Beats Electronics in 2014.