Apple closing in on London startup Shazam for a reported £300m

London-based app company Shazam could be taken over by Apple as early as Monday, according to reports.

The app, which was founded in 1999, allows users to identify songs, TV shows and films by inputting audio or images. The company’s apps have been downloaded more than 1bn times.

Apple is said to be bolstering its music services as Spotify edges closer to going public, and could announce the acquisition as early as Monday, sources told TechCrunch.

Some sources suggest the price for the company paid by Apple could be around $300m (£224m), well below the $1bn valuation used by Shazam at its most recent funding round.

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Backers of the company include Sony Music, Universal Music, and London’s DN Capital.

Apple’s move heralds another aggressive move into the music industry, facing off against Apple Music rival Spotify.

Spotify has also been bolstering its own portfolio, acquiring Stockholm-based music startup Soundtrap. It has also put more money behind its London operations, creating 200 new jobs.