Apple is set to acquire music recognition app Shazam for a reported GBP 300 million, writes the Sunday Times. The takeover, which could be confirmed as early as this week, would be Apple's largest in the UK. Shazam investors are likely to be unhappy with the price as the company was valued at USD 1 billion (GBP 750 million) in 2015.
Apple is expected to integrate Shazam's technology with its music streaming service as it looks to compete with Spotify. Shazam's app has been downloaded more than one billion times but it has struggled to generate a profit, generating a pre-tax loss of GBP 4 million on revenue of GBP 40 million in 2016.
