Apple is reportedly buying Shazam, a music recognition app last valued at $1 billion

Shazam

Shazam CEO Rich Riley.

• Apple is reportedly buying Shazam, a music recognition app.
• Apple is said to be paying $400 million for the company, which was last valued at $1 billion.

Apple is reportedly buying music recognition app Shazam, TechCrunch reports citing anonymous sources.

According to one of TechCrunch's sources, Apple is paying about $400 million for the company. That price is lower than Shazam's most recent post-money valuation of $1.02 billion, according to Pitchbook.

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The deal is expected to be signed this week, the report said

Shazam made $50 million in revenue last year, according to a person familiar with the company. Founded in 1999, Shazam can listen to music that's playing around you and identify the song title, artist, and album.

Representatives for Apple and Shazam did not immediately respond to a request for comment.

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