Apple Inc. is nearing an acquisition of Shazam, the music-recognition service, according to a TechCrunch report published Friday afternoon. TechCrunch cited sources familiar with the deal and wrote that Apple could be paying “nine figures” for Shazam, below the $1.02 billion valuation it fetched it its latest funding round in 2015. The deal is to be signed “this week” and may be announced Monday, according to TechCrunch. Apple has been looking for ways to enhance its music offerings and compete with Spotify. The company acquired Beats in 2014 and recently began including original video programming to subscribers of its Apple Music service. Apple Music had “over 30 million” subscribers as of September, whereas Spotify crossed the 60-million mark for paying subscribers in July. Apple shares were flat in Friday trading, compared with a 0.5% rise for the Dow Jones Industrial Average .
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