PE Tech Report

NEWSLETTER

Like this article?

Sign up to our free newsletter

Shazam raises USD40m from America Movil

Shazam has raised USD40m from America Movil, the largest wireless carrier in the Americas, and has formalised a strategic business collaboration between the companies for the Americas.

 
The investment will help accelerate Shazam’s ongoing growth in music, continued expansion into television and the development of innovative new products.
 
“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,” says Carlos Slim, owner of America Movil. “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.”
 
“We are delighted to welcome America Movil as an investor in Shazam as we execute on our mission to enable people to engage with content and brands in the easiest way possible whether they are interacting with television, music or in retail environments,” says Shazam executive chairman Andrew Fisher. “This investment will help support our continued expansion as we seek to become an increasingly important part of people’s everyday lives. With over 350 million users we are excited to be partnering with America Movil to further accelerate our growth throughout the Americas.”
 
Since its last round of funding in 2011, Shazam has achieved growth and expanded its service from music into television and advertising with the following results:
 
• The user base has more than doubled to 350 million people around the globe.
• The number of monthly active users has tripled to over 70 million as people increasingly use Shazam on their mobile device to have a deeper experience of music, TV and advertising.
• Sustained growth of more than two million new users each week.
• Sales of digital goods are now over USD300m a year through affiliate partners like iTunes, a figure that is doubling annually.
 
“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,” says Shazam chief executive 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.”
 
In the last year, Shazam has updated the design and increased the speed of its app for iOS and Android. Earlier this month, Shazam launched a new app for iPad which included a new feature, AutoTagging, which helps people constantly recognise and engage with any media playing around them automatically.
 

Like this article? Sign up to our free newsletter

MOST POPULAR

FURTHER READING

Featured

Blackstone Private Equity