Shazam App Gets $40M From World’s Richest Man
Shazam, the startup behind the popular music-identifying app of the same name, this weekend announced that it has received a $40 million investment from America Movil. The telecom company is owned primarily by Carlos Slim, Forbes’ richest person in the world since 2012. The investment, stated Shazam, will be used to fund the app’s growth in music, and its recent expansion into TV identification.
“Shazam is defining a new category of media engagement which combines the power of mobile with traditional broadcast media and advertising to create compelling value added experiences for consumers, content providers and brands.” said Slim. “We are excited to bring this innovation to America Movil subscribers as we continue to further differentiate our services as the market leader in Latin America.”
Shazam began as a music identification app, allowing smartphone users to record snippets of audio to identify songs. The startup now claims the app has over 70 million active monthly users out of 350 million total users. The company is now taking in over $300 million each year through affiliates.
Though it began in music, Shazam now sees its future in TV identification and interaction. In September 2012, Shazam expended its TV features to include any U.S. TV channel, 24 hours a day. In May, the Shazam app for iPad was redesigned to emphasize TV shows on its home screen.
“Shazam’s expansion into television has moved the company into an entirely new phase of growth with interactive advertising generating new sources of revenue and partnerships with broadcasters encouraging a broader group of people to use Shazam more frequently.” said Rich Riley CEO of Shazam. “We look forward to working with America Movil to launch these services in the region as we seek to increase our ubiquity throughout the world.”