Apple's Shazam acquisition subject to 'in-depth investigation' by European regulators

The European Commission has begun an "in depth investigation" into Apple Inc.'s plans to acquire music-recognition service Shazam, the commission said in a press release Monday. "The way people listen to music has changed significantly in recent years, with more and more Europeans using music streaming services," said commissioner Margrethe Vestager in the release. "Our investigation aims to ensure that music fans will continue to enjoy attractive music streaming offers and won't face less choice as a result of this proposed merger." Vestager is in charge of policy that pertains to issues of competition, according to the release. Concerns stem from "Shazam's strong market position in the music recognition apps market and Apple's market position in the music streaming services market." The commission worries about Apple's access to "commercially sensitive data" about what people are listening to on rival apps, which Apple might then be able to use to target those users and bring them over to Apple Music. Apple shares are up 0.5% in Monday morning trading, while Spotify Technology SA shares are down 0.3% and Pandora Media Inc. shares are up 0.6%. The S&P 500 has gained 0.2% in Monday's session, as has the Dow Jones Industrial Average of which Apple is a component.