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Shazam grew into profit after Apple takeover

Apple has completed the acquisition of Shazam Just over a year ago, in a millionaire deal that definitely changed the direction of the music identification service. But how did things change for Shazam? A new report from Billboard It clarifies what the company gained and what it lost after being incorporated by the Cupertino giant in 2017.

Based on the financial results presented by British Companies House registration agency, Shazam states that registered 478 million users in 2018, above 400 million in 2017.

Nonetheless, Shazam's revenue fell from $ 44.8 million in 2017 to $ 34.5 million last year, which is partly due to the fact that Ma removed one of the service's main sources of income (the advertising) after purchasing the platform.

By contrast, the company's profits increased or rather Shazam had profits, as in 2017 the company saw a $ 19.4 million break in its coffers. Last year, the company's cash gained weight $ 158.4 million In the report sent Companies House, Shazam celebrates the values ??brought by Apple after the acquisition of the service and says that it relates to the workforce assigned to the platform.

Ma, in turn, has incorporated Shazam features into various aspects of its platform. Last August, for example, the company launched a new playlist, called Shazam's Top 50 Discoveries, on Apple Music. The music service has also implemented Shazam news on its artist platform and other features on iOS and HomePod.


Shazam app icon

via 9to5Mac