Apple buys music-recognition app Shazam for $400 million.

Apple (AAPL) confirmed Monday it is buying Shazam, a music recognition service that became an early favorite application of the smartphone era.

Terms of the deal were not immediately disclosed. TechCrunch, which was first to report the acquisition talks last week, pegged the price at around $400 million.

At $400 million, Shazam would be one of Apple's largest acquisitions ever. Apple bought Beats Electronics for $3 billion in 2014 to kickstart its music streaming business and bought NeXT for about $400 million in 1996, bringing back former CEO Steve Jobs.
But it still marks a disappointing financial outcome for Shazam. The startup, founded in 1999, was valued at $1 billion after its most recent funding round in 2015. Shazam has also frequently been rumored to be interested in going public.

Nonetheless, the service continues to have broad appeal for anyone who finds themselves in a bar or house wondering what song is playing in the room. Shazam said last year its app had been downloaded more than one billion times.