Apple To Buy Shazam: Reports

(RTTNews) - Apple is reportedly near to acquire music recognition app Shazam for about $400m.

According to tech blog Techcrunch, the iPhone maker is close to a deal to buy Shazam, the UK company founded in 1999 that allows users to identify any song, tv show or movies in seconds by listening to an audio clip.

The report says that deal could be signed this week and will be announced on Monday.

Shazam has more than 100 million monthly users. It generates major part of its revenue from commissions paid on referrals to Apple's iTunes Store. In September 2016, Shazam last noted that it passed 1 billion downloads.

Shazam has raised $143.5 million from investors that include Kleiner Perkins, London's DN Capital, IVP and strategic investors Sony Music, Universal Music and Access Industries.

Shazam reportedly made $54 million in revenues in its 2016 fiscal year and a statutory pre-tax loss of $5.3 million.