“Shazam was one of the first companies to develop a consumer application for sound recognition technology,” Aliya Ram reports for Financial Times. “Founded in 1999, it was so popular in its heyday that at one stage executive chairman Andrew Fisher said it would aim for a public market listing of at least $1bn.”

“However it turned to Apple more recently after Snapchat’s parent company lost market value,” Ram reports. “This week Apple confirmed it would buy Shazam for a valuation of only around $400m, less than half Mr Fisher’s mooted goal.”

“The deal is one of Apple’s largest following its acquisition of Beats Electronics three years ago,” Ram reports. “Its hope is that Shazam can provide data and music expertise to help with its Apple Music streaming service which is facing tough competition from Spotify.”

Read more in the full article here.

MacDailyNews Take: We wonder if Apple will pull the plug on Shazam for Android or just relegate Android settlers to a striped down version while Apple takes Shazam to the next level in their operating systems, with always-on song recognition, HomePod integration, and future AR products and services (AirPods with song recognition, smart glasses with all manner of visual recognition, etcetera).

SEE ALSO:
Apple’s $400 million purchase of Shazam: Good news or bad news for startups? – December 12, 2017
Shazam! Apple’s Siri gets better – December 11, 2017
Apple could be missing out on the smart home if they take too much longer to get things right – December 11, 2017
Why is Apple buying Shazam? – December 11, 2017
Apple said to acquire music recognition service Shazam – December 8, 2017