Tech: Apple is reportedly buying Shazam, a music recognition app last valued at $1 billion (AAPL)

Apple is buying Shazam for $400 million, TechCrunch reports.

• Apple is reportedly buying Shazam, a music recognition app.
• Apple is said to be paying $400 million for the company, which was last valued at $1 billion.

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Apple is reportedly buying music recognition app Shazam, a move that could allow it to integrate an important feature into the iPhone at a time when the iPhone's innovation crown is under threat from Google and Samsung.

The deal is expected to be signed this week, according to a TechCrunch report citing anonymous sources. Apple is paying $400 million for Shazam, according to one source in the report.That price is lower than Shazam's most recent post-money valuation of $1.02 billion, according to Pitchbook.

Shazam made $50 million in revenue last year, according to a person familiar with the company. Founded in 1999, Shazam can listen to music that's playing around you and identify the song title, artist, and album.

Representatives for Apple and Shazam did not immediately respond to a request for comment.

Apple is buying Shazam for $400 million, TechCrunch reports. Read Full Story