Shazam Nabs $40m Following TV Metric Launch

Mexican telecoms billionaire Carlos Slim has taken a $40m (£26.9m) stake in British music and TV discovery app Shazam, less than a month after the firm launched a new TV metric to analyse the real-time activity of its user base.

London and Menlo Park-based Shazam, which also has offices in New York, Los Angeles, Chicago, Detroit, Sydney and Seoul, connects more than 350 million people in 200+ countries who use the app on smartphones to identify, tag and share music, TV programs and ads. Its Shazam Engagement Rate has been developed to provide insights on when and where TV ads resonate most with consumers.

In 2011, the firm raised $32m in venture capital to move beyond its original music focus to TV show and advertisement tagging through the 'Shazam for TV' service. Through its latest investment, the company will accelerate its growth in music, and continue its expansion into television through the development of new products. As part of the deal, subscribers to Slim's telecoms company America Movil will gain access to Shazam's services across the US.

Shazam CEO Rich Riley (pictured) comments: 'Our 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. 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.'

Web site: www.shazam.com .

All articles 2006-23 written and edited by Mel Crowther and/or Nick Thomas, 2024- by Nick Thomas, unless otherwise stated.