According to media sources, Apple is near to acquire well-known music recognition app Shazam for a bid of around $400 million.

According to a report in TechCrunch on Saturday, the Apple may officially announce the deal on Monday.

“One source describes the deal as in the nine figures; another puts it at around $401 million. We are still asking around,” the report said.

Shazam app is the product of Britain-based app developers, Shazam Entertainment Ltd. According to stats, Shazam has millions of monthly users, that uses this app to instantly identify music that’s playing and see what others are discovering.

Shazam with over one billion downloads, lets users identify any song, TV show, film or advert in a jiffy, by listening to an audio clip or a visual fragment.

The app was Launched back in 1999 as an SMS code service, now Shazam reportedly made $54 million in revenues in the fiscal year 2016.

This is not Apple’s first acquisition in the world of music, Apple has made some other acquisition as well, like buying Beats for $3 billion in 2014 which became the basis for Apple Music.

Both the companies were yet to comment on the deal.

Shazam has partners like venture capitalists Kleiner Perkins and London’s DN Captial, plus content providers Sony Music, Universal Music and Access Industries (owner of Warner Music).

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