Billionaire Invests $40 Million In Shazam's Song ID App
July 8, 2013 at 2:24 PM (PT)
British song I.D. app maker SHAZAM ENTERTAINMENT has been injected with $40 million in investment funds from the world’s second-richest man, billionaire CARLOS SLIM of AMERICA MOVIL SAB, BLOOMBERG reports. The deal gives SLIM a 10.8% stake in the company, plus there's an agreement to pre-install Shazam on mobile phones sold in Latin America.
SHAZAM has more than 350 million users globally and said it adds more than two million users each week. Its annual sales of digital goods has surpassed $300 million and is expected to double annually. The deal is about "enhancing the service to give people more reasons to use SHAZAM as part of their everyday life, not just music, " SHAZAM ENTERTAINMENT LTD. Chairman ANDREW FISHER said, adding, "We are certainly on a path toward an IPO, but not in 2013. It’s a plan for the future. Right now, we’re seeing great benefit in staying a private company."