Apple shares closed higher in the US Friday, but are lower out-of-hours Monday, as reports state the tech innovator has purchased music analytics firms, Asaii. The deal, said to be worth less than $100 million, is considered a further step towards Apple competing with Spotify, as it follows soon after Tim Cook’s firm closed the purchase of Shazam.
Apple shares ended the US Friday trading session 3.57% higher at $222.11. However, the stock has lost over 1% in out-of-hours activity.
Apple bolstering music tech
A report from Axios Sunday, citing sources, stated that US tech behemoth Apple, has purchased music analytics startup, Asaii. Asaii describes itself as an “Automated A&R and Music Analytics Platform”.
“Asaii is the music data analytics platform of the streaming era. Starting with A&R, we're making the industry about meritocracy” the business states on its website.
The news has yet to be confirmed by either business. However, Asaii told its users that it would be shutting down on October 14th, with no explanation offered.
The move comes soon after Apple has closed the deal to buy music recognition business, Shazam and also, as Spotify moves to work more with unsigned artists.
Apple donates watches to new study
Separately, Apple is donating 1,000 Apple watches to a new study on binge eating, called BEGIN.
The study, conducted by the University of North Carolina’s medical school, will look more into understanding overeating. Each volunteer who partakes in the study will receive a free Apple watch to help the team with their research.
Cynthia Bulik is the founding director of the Center of Excellence for Eating Disorders at UNC and is one of the BEGIN researchers.
“We need to collect data from a whole lot of people to see what it looks like,” Bulik said, according to a CNBC article. “We want to know if it has a biological and behavioural signature.”