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Another multi-million pound investment for Shazam

America Movil, which is Latin America’s largest mobile telecom network operator, has invested $40 million (£26.8 million) in UK-based mobile music recognition and media engagement company Shazam.

The money will help accelerate Shazam’s growth as well as funding its expansion into television and the development of new products.

Carlos Slim, who’s a major shareholder in the company, said “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. 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.”

Shazam currently has over 350 million users worldwide, with more than 70 million people using the service every month. The service drives digital sales of over $300 million a year through its affiliate partners.

In 2011, Shazam raised $32 million in new funding from a group of investors.

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Author: The Fonecast
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