Apple has bought the music discovery app Shazam.
The deal is pegged at $400 million, though Apple hasn’t confirmed the exact number. Back in 2015, Shazam was valued at over $1 billion, Billboard reports.
The UK-based company identifies songs (as well as TV shows, movies, and ads) from audio alone and also directs users to streaming services like Spotify and Apple Music.
Apple released the below statement about the purchase on Monday:
We are thrilled that Shazam and its talented team will be joining Apple. Since the launch of the App Store, Shazam has consistently ranked as one of the most popular apps for iOS. Today, it’s used by hundreds of millions of people around the world, across multiple platforms. 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.
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