One of the biggest tech companies in the world has been seen surging on consecutive sessions after rumors on deals and acquisition regarding the famous music application Shazam. Reports have been identifying that the acquisition is hitting the negotiation stages and have been boosting Apple’s shares since Friday.
Shazam Entertainment Ltd. has been famous and popular for providing the public with identification software, music identification software to be exact. According to reports, the company has also been wildly regarded as a tool to identify lyrics and artists, even their bio to help you enjoy music more.
The company has also managed to create and raise a massive amount of money from their investors which where; Kleiner Perkins, London’s DN Capital, IVP, and strategic investors Sony Music, Universal Music, and Access Industries. All-in-all, the company was reported to hit the $143.5 million, while one of their investors, Kleiner Perkins, has also invested in SoundHound.
Looking at more figures and statistics Shazam holds, the music-identifying App Company have also managed to tally a massive 1 billion downloads back in September of 2016, and recent download figures are also expected to be higher today.
Furthermore, the company has been reported to garner a total of $54 million in revenues for its 2016 fiscal year. The 2016 financial report was also upbeat news for the whole company compared to the company’s 2014 and 2015 fiscal performance. Earlier this year, the company’s CEO Rich Riley also said that the operating profitability has been steadily growing.
According to reports, Apple has been looking to acquire the company to enhance its existing apps and even commence to installing and implementing Shazam’s technology in order to create a better listening experience. Reports also revealed that Apple has been negotiating with the acquisition deal and have been reported to offer a massive $400 million to Shazam.
Reports revealed that Apple’s shares were bullishly surging for two consecutive sessions since Friday; the company’s stock was up by an incredible 0.03% to $169.37 which is impressive from the single acquisition news.
Analysts and Apple enthusiast are looking forward to the acquisition as Shazam and Apple can do wonderful future works such as; integrating the music monitoring application with Apple’s Siri and the possibilities are limitless. The integration of Shazam can also extend to the Apple’s Apple Music in various ways to improve and upgrade the public’s listening experience.
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