Apple has confirmed acquiring Shazam, a London-based app that allows smartphone users to identify music, for a reported $400m.
Apple which revolutionised music with the introduction of the the iPod and iPhone, said Shazam was a natural fit for its Apple Music streaming service.
“We are thrilled that Shazam and its talented team will be joining Apple,” an Apple spokesperson said.
“Apple Music and Shazam are a natural fit, sharing a passion for music discovery and delivering great music experiences to our users. We have exciting plans in store, and we look forward to combining with Shazam upon approval of today’s agreement.”
Neither side would officially say how much Apple had paid, but a figure of about $400m has been reported, less than half the $1bn the app was last valued at when it tapped investors for cash in 2015.
An article published on the Verge says that Shazam can help Apple in a number of ways despite its low revenues. The most obvious would be with Apple Music, where Shazam’s team could help improve the experience of the service, it says. If Apple decides to shut down the app, it would also take away referrals to Spotify, which together with Apple Music gets 1 million clicks per day from Shazam. Also, Shazam’s music and sound recognition, which is already integrated with Siri, could gain a deeper integration with iOS, much like Google has done with its song recognition feature on the Pixel.
When the deal is closed, it will become Apple’s biggest acquisition since it bought rapper Dr Dre’s headphones company Beats Electronics for $3bn in 2014.
Shazam has been downloaded over 1bn times and although Shazam is popular with smartphone users it has struggled to make much money, with revenues of $54m in 2016.
The technology behind Shazam is called audio fingerprinting, and it provides the ability to link short, unlabeled pieces of audio content to corresponding meta data about that content. Audio fingerprinting enable users to identify the song title by providing a small piece of audio sample of the song instead of entering some keywords to look for.
Namibia Ranked 4th in SADC in Terms of Financial Inclusion
The latest results from the Namibia Financial Inclusion Survey (NFIS) indicate that the country’s banking population increased to 67.9 percent in 2017, up from 45 percent in 2011. In addition, the majority of the eligible banking population, 64.7 percent, said they consider Automated Teller Machines the most comfortable banking channel followed by bank branches at just over 58 percent.
“When comparing Namibia to other countries in the SADC region where the financial inclusion surveys have been implemented, Namibia is ranked fourth in terms of financial inclusion, with Seychelles topping the region,” said Statistician General and CEO of the Namibia Statistics Agency (NSA), Alex Shimuafeni.
The results of the national survey, of which the target population was eligible members of private households, further indicated, at close to 60 percent, that the main barrier to banking was a lack of money for saving purposes while a marginal percentage (0.1 percent) reported the inconvenience of banking hours as a barrier to accessing financial services. The results also showed that the majority of the eligible population (32.5 percent) earns up to N$1000 per month with the main source of income being wages from private companies whilst government or parastatal wages ranked third at 10.3 percent.
In addition, approximately 19 percent of the eligible population reported having borrowed money in the past six months preceding the 2017 NFIS. The main reason for borrowing was for buying food but the main barrier to accessing credit was out of fear of increased debt.
The NFIS 2017 also revealed that close to 13 percent of adults in the country has or used credit or loan products from banks during the six months before the 2017 NFIS. “They could also be using other non-banking credit or loan products and/or borrowed from friends or family, but the defining characteristics are that they borrow (some or all of their credit) from a bank,” explained Shimuafeni.
Business persons in Tanzania pleads for Scrapping of Nuisance Taxes
Business persons in Kilimanjaro Region have pleaded with the government to scrap nuisance taxes and charges saying they are crippling their businesses and undermining growth.
Speaking here during a training to public officials and businesspersons from all districts of Kilimanjaro Region, the businessmen said there multitude of charges which have led to closure of many businesses in the region.