Song, movie and TV show discovery app Shazam is cashing out. It is reported that the company has sold to apple for a cool $400 million.
Apparently, the platform has found it difficult to create a business model for themselves in the past few years, only making $56 million in revenue last year. They were valued at $1 billion in their last round of investement, so Apple certainly got a steal only paying $400M for them.
This acquisition by Apple will only make Apple Music stronger and better equipped for the future. Of course, this depends on whether or not they decide to keep the app as a standalone service or decide to somehow merge it with their existing platform. Their sound recognition would be a huge boost to iOS and Siri, if they choose to integrate it even more with the software.
[Source]