As Shazam continues its push beyond music and into the TV space, the company announced a $40 million investment by Mexico-based American Movil, a leading mobile operator in Latin America with more than 263 million wireless subs in 18 countries. Shazam is expected to use the infusion to further expand its software-based services to the TV realm.
“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 Shazam CEO Rich Riley. “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.”
Shazam has grown significantly in recent years, with a global user base that has more than doubled to 350 million people. It now adds 2 million new users each week, and digital sales top $300 million per year through affiliate partners like iTunes. Best known for its original app that identified songs playing in any environment using a smartphone’s internal mic, the company has since launched Shazam for TV, which allows users to tag television shows and access extra content (such as buy music from the show)—integrating more than 250 TV ad campaigns across 28 countries into the mix.
Said Shazam exec chmn Andrew Fisher: “This investment will help support our continued expansion as we seek to become an increasingly important part of people’s everyday lives.”