In somewhat of an interesting move Apple has acquired the music recognition app Shazam.
The reason this move is interesting is because Shazam isn’t all that profitable. This year Shazam reported revenue of £40.3 million ($53.3 million) which is not all that good when you consider that Shazam is a British unicorn valued at $1 billion.
The acquisition cost Apple an estimated $400 million according to Recode so Apple really got itself a good deal. As for what the firm intends to do with Shazam, well that’s anybody’s guess at the moment.
With Shazam making moves into augmented reality Apple might be looking to rush head first into that market given the success of the iPhone X and its Aniemojis.
“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,” Apple said in a statement.
Shazam said in a statement that it is also excited to be joining Apple.
Whatever Apple does with Shazam it’s fitting that the firm finds a place in Cupertino. Shazam was one of the first apps on the Apple App Store after all.