Despite generally low revenues, Shazam will be a great acquisition for Apple, not only will it bolster Apple Music, but the company's technology could also translate to Augmented Reality.
Although, Siri was able to identify the songs being played with Shazam integration in 2014 itself, with the new acquisition, Apple will look to take its voice-based assistant to the next level to compete with Google and Amazon.
"Since the launch of the App Store, Shazam has consistently ranked as one of the most popular apps for iOS", Apple also said.
"We have exciting plans in store, and we look forward to combining with Shazam upon approval of today's agreement", it added. A few days ago, TechCrunch put the figure somewhere around the $400 million mark.
"We are thrilled that Shazam and its talented team will be joining Apple", said Apple spokesperson Tom Neumayr.
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Shazam in November had around 175 million monthly active users across the world from iOS and Android, with a market of 20 million users in the USA and 4 million in the UK. Shazam uses the device's microphone to record a snippet of the song and matche the song against an online database so that the user can later go home and listen to it. If that is the price, it likely represents a good deal for Apple - Shazam was valued at $1 billion at its last funding round in 2015.
The actual sum Apple paid for Shazam remains undisclosed, as Apple offered no details in this regard. It already has an app for sharing songs via iMessage.
The reason for this, one source says, is that for all of Shazam's popularity and move into revenue-generating areas like marketing, the company never really found a solid business model.
Instead of closing the services of Shazam, Apple might be charging high for user diversion to Google.
The technology is also no longer quite as novel, with Shazam facing rivals such as SoundHound and with smartphones capable of ever more advanced recognition functions. The giants will work together and bring a whole new platform to help all the Apple users for their music desires and more.