Apple is buying Shazam at a big discount

A deal between Apple and Shazam is in the works, with the former buying the latter very soon.

It also has an augmented reality brand marketing service lets you discover content based on pictures that you snap with the app.

Shazam's technology was introduced in 2002 as a dial-up service that would listen to a song for 30 seconds and send its user a text message identifying it.

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Apple is finalizing an agreement to procure Shazam, which is an app that enables you to identify songs, TV shows, and movies from an audio clip, as per Tech Crunch.

Yesterday we posted a report that noted it had been a busy 24 hours in the streaming music business with news of a new YouTube music service and Spotify and Tencent acquiring minor stakes in each other.

Shazam has crossed 1 billion downloads in September 2016, which will eventually benefit Apple. Recode adds that Snapchat parent Snap also approached Shazam for a deal, but eventually Apple won.

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The buyout would cement an already cozy relationship between the two companies, with Shazam letting buy songs on Apple Music once they've been pinpointed. Because according to The Wall Street Journal, Shazam accounted for 10% of all digital music purchases previous year.

The report suggests that the deal will be a "nine-figure" acquisition, with one source suggesting that Shazam will go for £300m (circa $400m). Shazam launched its AR platform in 2015 allowing users to scan magazines, books, posters, advertisements and other physical products and launch 3D animations, product visualizations and even 360-degree videos. "And, of course, with Apple's war chest, it can afford to make bets that may pay off in a big way or may not matter much in the long run".

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