Did Apple Buy Yet Another Music Analytics Company?

stock market today

A lot is going on in the stock market today. Canopy Growth (TSX:WEED) is making headlines, but so is Apple (NASDAQ:AAPL).

According to various reports, Apple has purchased Asaii, a San Francisco-based music analytics company.

Stock Market Today: Apple Buys Asaii

Neither company has confirmed the news, but based on a LinkedIn update, the acquisition seems to be a sure thing. And of course, it wouldn’t be the first time Apple has bought this type of company.

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Ever since launching Apple Music, the Cupertino, California-based company has been tailing Spotify and trying to succeed it. Earlier in 2018, Apple purchased Shazam, which is a music recognition application; this was Apple’s first move in its plan to overtake Spotify. Now, the company’s latest target is Asaii.

Asaii is a company that tracks and ranks artists based on popularity on streaming platforms. According to the company, the mission is to “find the next Justin Bieber.” Last month, the US startup said it was shutting down its service.

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Stock Market Today: The Apple Share Price

Unsurprisingly, the whole stock market today is talking about the rumored Apple Asaii partnership. But the increased publicity hasn’t done the AAPL stock any good. Does that mean investors are unsure of the company’s decision? Or, maybe investors are skeptical of the news, waiting for either company to confirm it themselves.

As of 2:01 p.m. EDT, according to Yahoo Finance, the Apple stock is trading at $218.73, which puts the stock down 1.53%.

The Takeaway of the Stock Market Today

If it’s true that Apple bought Asaii, the company should be confirming the news at some point this week, maybe even tomorrow. If it does, it will be interesting to see the direction the AAPL stock takes.

As a consumer, what do you think about the latest Apple news? Do you think this is going to give the company another edge up on Spotify? Let us know what you think in the comments below!

Featured Image: Depositphotos/© itchaz.gmail.com