Join GamesBeat Summit 2021 this April 28-29. Register for a free or VIP pass today.
(Reuters) — The European Union approved Apple’s planned acquisition of British music discovery app Shazam on Thursday, saying an EU antitrust investigation showed it would not harm competition in the bloc.
The deal, announced in December last year, would help the iPhone maker better compete with Spotify, the industry leader in music streaming services. Shazam identifies songs when a smartphone is pointed at an audio source.
“After thoroughly analyzing Shazam’s user and music data, we found that their acquisition by Apple would not reduce competition in the digital music streaming market,” EU competition commissioner Margrethe Vestager said in a statement.
“Data is key in the digital economy. We must therefore carefully review transactions which lead to the acquisition of important sets of data, including potentially commercially sensitive ones,” she added.
The European Commission opened a full-scale investigation into the deal in April, emblematic of its recent worries that companies may buy a data-rich rival to mine it for information or drive others out of the market.
Reuters last month reported sources saying that Apple was set to win unconditional EU antitrust approval for the deal following the probe requested by seven European countries including France, Italy, Spain and Sweden.
VentureBeatVentureBeat's mission is to be a digital town square for technical decision-makers to gain knowledge about transformative technology and transact. Our site delivers essential information on data technologies and strategies to guide you as you lead your organizations. We invite you to become a member of our community, to access:
- up-to-date information on the subjects of interest to you
- our newsletters
- gated thought-leader content and discounted access to our prized events, such as Transform 2021: Learn More
- networking features, and more