Shazam raises $32m for TV
Shazam, the technology that lets people use their mobile phones to learn the names of catchy songs, has raised $32 million in funding to bolster expansion plans including a TV service.
The new funding, led by venture capital firms Kleiner Perkins Caufield & Byers and Institutional Venture Partners, will allow Shazam to double its 100-person staff and accelerate product development as it steps up efforts to expand into the television market.
While the company is best known for its music-recognition software, which runs on cell phones and analyzes the sound waves of music played on the radio or in restaurants, Shazam is increasingly focusing on the television market.
As a result of deals that Shazam has struck with TV networks including Comcast Corpís NBC Universal and with advertisers, consumers can point their cell phones to their TV sets during certain television shows and commercials to access perks such as special offers and additional videos.
The company says it expects revenue from the TV business to account for 50 per cent of Shazamís revenue in two years. And the company said it is on track to have 250 million users within two years.