Adding to its content services, Apple just confirmed the acquisition of song and image recognition startup Shazam. Worldwide, the app is now used by hundreds of millions of consumers, per Apple’s estimate.
Since the launch of the App Store, Shazam has also consistently ranked as one of the most popular apps for iOS, according to Apple.
“Apple Music and Shazam are a natural fit, sharing a passion for music discovery and delivering great music experiences,” Apple stated.
Going forward, Apple said it plans to nurture the service. “We have exciting plans in store,” it said. Financial terms of the deal were not disclosed. Sources tell TechCrunch that the deal is worth approximately $400 million.
Additionally, sources tell TechCrunch that both Snap and Spotify were in the running for Shazam.
Boosting an already-strong fiscal fourth quarter, Apple recently&a mp;n bsp;said its services business generated $8.5 billion in revenue, during the period.
For Apple, the deal represents a broader shift toward content and related services. To that end, the tech giant recently announced plans to revive Steven Spielberg’s sci-fi series, “Amazing Stories.” To develop the 10-episode series, Apple partnered with Spielberg’s Amblin Television and NBC Universal.
To compete with Netflix, Amazon and more established entertainment companies, Apple has reportedly se t aside $1 billion to produce and acquire original content over the next year.
Among other opportunities, the tech giant is apparently in the running for the rights to the James Bond franchise.