By Katyuna69 [CC BY-SA 4.0] via Wikimedia Commons
According to reports, Shazam, an app company that is based in London, could be taken over by Apple, Inc. as early as Monday.
The app, which was established in 1999, enables users to identify TV shows, films, and songs simply by inputting images or audio. The apps of the company have been downloaded over a billion times.
According to sources, Apple is said to be propping its music services as Spotify comes closer to going public and could reveal the said acquisition as early as Monday.
Some sources suggest that the price for the company that is paid by Apple could be roughly $300m (£224m) which is well below the valuation amounting to $1bn that is used by Shazam at the company’s most recent funding round.
Supporters of the company include Universal Music, Sony Music, and London’s DN Capital.
The move of Apple publicises another bold move into the music industry, facing off against Spotify, the rival of Apple Music.
Spotify has also been propping its own portfolio, acquiring Soundtrap, Stockholm-based music startup. It has also placed more money behind its operations in London, generating 200 new jobs.