Shazam Valued At $1 Billion: N.Y. Times
January 21, 2015 at 12:01 PM (PT)
SHAZAM announced today it had raised $30 million in new funding that valued the company at around $1 billion, according to a report in the NEW YORK TIMES. The start-up, which was founded in LONDON and currently boasts approximately 100 monthly million users worldwide, has been rumored to be moving toward an initial public offering within the next few months.
SHAZAM's technology allows users to identify songs on TV, radio or speakers from their smartphones, with revenue generated from a percentage of sales from music found through its app and mobile ads.
The company has previously raised money from WEST COAST venture capital giants such as KLEINER PERKINS CAUFIELD & BYERS, as well as WARNER MUSIC GROUP, which will create a new label for artists discovered on SHAZAM.
The company will use the new money to expand into other markets. “We’re excited to continue to focus on user growth and engagement,” SHAZAM CEO RICH RILEY stated.
SHAZAM has made deals with a number of brands and advertisers allowing individuals to view additional content about products seen on certain TV commercials.