UPDATE: Apple has confirmed the acquisition in a statement provided to Billboard. The company did not reveal the specifics of the deal.
Apple is reportedly buying music recognition app Shazam for $400 million, according to multiple sources. The move would allow Apple to integrate the service into its line of mobile devices in a time when the company faces increased competition from Google and Samsung.
Recode has reported that the deal is worth $400 million, while Tech Crunch has cited sources that say the deal is expected to be signed this week. The company was last valued at $1 billion, according to various sources.
The Shazam app enables users to identify music that’s playing nearby. It has been one of the most popular mobile apps since its launch in 2008.
Founded in 1999, Shazam made $50 million in revenue in 2016, according to Business Insider.