British music ID service Shazam is to be bought by Apple, in a deal reported to be worth £300m ($401m).
The purchase, revealed by TechCrunch, is likely to be formally announced today. The site’s sources say that the value of the buyout is in the nine-figure range, with one believing the deal will be worth around £300 million.
Shazam was founded in 1999 and started as a phone call-based service in 2002, listening to 30 seconds of a track then sending the user its title and artist via text message. It is now able to identify print and audio adverts and TV programmes, offering links to related information and content. It also allows users to follow their favourite artists to see what they have been discovering via the app.
It has appeared on Apple’s App Store (as well as its rivals) since 2008, and was integrated with Snapchat in December 2016. It is also available on Apple Mac, and on the wrists of Apple Watch owners.
Shazam passed 1 billion downloads in September 2016, and as of this year, is now profitable, making £40.3m ($54m) during its 2016 financial year.