Giant technology company Apple has announced the acquisition of music discovery app, Shazam,at a reported amount of US$400 million (KSH40 billion).
The deal was first announced in December of 2017, and has been closed weeks after the European Union approved the deal.
“We are thrilled that Shazam and its talented team will be joining Apple. We have exciting plans in store, and we look forward to combining with Shazam upon approval of today’s agreement,” an Apple spokesperson told The Verge publication.
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Shazam is a mobile app that can identify music, movies, advertising, and television shows, based on a short sample played and using the microphone on the device. It debuted in 2008 with the launch of the Apple App Store for iOS and its second generation iPhone 3G.
According to Apple, Shazam has been downloaded more than one billion times around the world, and Shazam users identify songs through the app more than 20 million times everyday.
In 2015 Forbes reported that Shazam had achieved a worth of US$1 billion (Ksh100 billion). In its 2016 fiscal year the audio identification app reportedly earned US$54 million (Ksh5.4 billion) in revenue.
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