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Friday, January 23, 2015

Shazam picks up a new £20 million investment

Company now valued at over $1 billion

Mobile-based music recognition service Shazam has arranged a new $30 million investment (around £20 million), which values the company at over $1 billion (£663 million).

The company has over 100 million active mobile users per month and has seen its app downloaded over 500 million times.

According to Shazam, this new funding will support its continued evolution and rapid growth, increased service capabilities and expansion into new market sectors.

Andrew Fisher, Shazam’s Executive Chairman, said “This funding reflects the substantial progress we have made in delivering a new paradigm for brands and content owners to increase engagement with their audiences whilst magically connecting people to the world around them. We are delighted to welcome our new investors as we further strengthen our balance sheet and continue to effectively execute on our corporate strategy.”

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Author: The Fonecast
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Categories: Applications, NewsNumber of views: 685

Tags: musicshazam

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