Shazam is about to announce $20 million in new funding at an impressive $500 million valuation, according to several sources. Shazam, which has 88 million active users from 200 countries using 30 languages, has moved in the last year from music discovery app to broader "media engagement" platform.
Shazam had it biggest night ever during Sunday night's Grammy Awards telecast. The company notified its 10 million app users to tune in for exclusive content. They then Shazamed the show more than 1 million times, with 54,000 purchasing music by artists featured on the program.
Shazam has already received $72 million in funding from investors including Kleiner Perkins Caufield & Byers, Institutional Venture Partners, DN Capital, and Acacia Capital Partners.