Carlos Slim invests $40MN in Shazam
Joseph O'Halloran | 08-07-2013
In a huge boost to its strategy of expanding into TV from music, media engagement company Shazam has received a $40 million investment by Carlos Slim’s America Móvil.
It is nearly two years since Shazam’s last round of funding since when the company has transformed into the multimedia player that it is with a user base that has more than doubled to 350 million people and a monthly active user base that has tripled to over 70 million.
The company also boasts that sales of digital goods are now over $300 million a year through affiliate partners like iTunes, a figure that is doubling annually. Over the last twelve months, Shazam updated the design and increased the speed of its app for iOS and Android and launched a Shazam launched a new app for the iPad designed to help people constantly recognise and engage with any media playing around them, automatically.Moreover only weeks ago Shazam launched a TV advertising metric designed to enable brands to more accurately gauge the effectiveness of campaigns.
“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,” commented CEO Rich Riley. “We look forward to working with America Móvil to launch these services in the region as we seek to increase our ubiquity throughout the world.”
The new investment from the company owned by the reputed world’s richest man is part of formalised strategic business collaboration for the Americas and is designed to help accelerate not only Shazam’s continued expansion into TV but also the development of innovative new products in general.
“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,” added Carlos Slim. “We are excited to bring this innovation to America Móvil subscribers as we continue to further differentiate our services as the market leader in Latin America.”