Shazam Gets $40 Million From Carlos Slim’s America Movil
Shazam has received $40 million in new funding from billionaire Carlos Slim's America Mobile SAB. Shazam specializes in song and sound recognition app. America Movil is Latin America's largest mobile carrier with 262.9 million customers, and the new cash infusion will be used primarily to expand Shazam there.
The company has received a total of $72 million in funding since launching in 2002.
Shazam generates the kind of impressive usage that investors find attractive. Shazam says it has 350 million users with 70 million active monthly and 2 million joining each week. Shazam ID's generate $300 million in song and other digital sales via affiliate partners like iTunes, a number that the country says is doubling annually.
Shazam is expanding aggressively in TV and video id, linking to purchase opportunities and additional content.