Apple is acquiring music recognition app Shazam

TechCrunch on Friday afternoon reported Apple is eyeing the purchase and hopes to sign a deal by the end of this week, with an announcement coming next week, perhaps as soon as Monday.

Sources say a deal could be announced as early as Monday, in what is rumoured to be a nine-figure deal, while another source informs the publication it could be around $401 million Dollars.

Apple's stock began rebounding upon reports of the acquisition.

Buying out Shazam would also rid Apple of having to pay Shazam for click-throughs to iTunes purchases like it does now.

If you're like me and haven't used it since about 2007, than you might have forgotten that Shazam, is an app that figures out what song is playing in your current environment. The asking price is reportedly about $400 million, well below the company's last valuation at $1 billion.

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A spokesman for Apple declined to comment, and representatives of Shazam could not be immediately reached. The app adds some features on top of that, namely keeping track of your audio discoveries, plus providing links to listen to the songs.

It also has an augmented reality brand marketing service lets you discover content based on pictures that you snap with the app.

Apple would obviously want to use Shazam to bolster its music business - and drive sales and subscriptions from users who "Shazam" songs.

Apple usually focuses on acquiring smaller companies but has made one major acquisition in 2014 - Beats Electronics for $3 billion.

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