Apple to Acquire Shazam (Report)
If the deal goes according to plan, an announcement is reportedly planned for Monday.
Apple is reportedly purchasing the popular music-identifying app Shazam.
Tech Crunch reports a deal is being signed this week, with an announcement planned for Monday. One source told the outlet it was priced at about $400 million, with another saying it was in the nine figures. In 2015, the company was valued at over $1 billion.
In September last year, Shazam — which also identifies TV shows, films and advertisements -- hit 1 billion downloads and had for the first time achieved profitability, thanks largely to revenue from advertisers.
Shazam Entertainment Limited was founded in 1999, with the service operating initially through SMS. The U.K.-based company has advanced substantially since then, developing augmented reality campaigns around its audio tags.
Billboard reached out to Shazam for comment but did not hear back at time of publishing. Apple declined to comment.
This article originally appeared on Billboard.com.