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Movil Invests $40 Million into Shazam App

Jul 8 2013, 3:21am CDT | by , in News | Technology News

Movil Invests $40 Million into Shazam App

Shazam, a company renowned for its music discernment app is being invested in by America Movil. Movil has pumped a $40 million investment into Shazam for music and TV business growth.

In the capacity of a global success story, Shazam has added a feather to its cap. America Movil, the biggest wireless company has just added $40 million to its coffers. This investment consisted of a secondary element which remains a trade secret. The next step for Shazam is to make inroads into Latin America. The plan is to allow preloading of Shazam onto devices. In Latin America AMX is the current king of wireless services. The previous funding of Shazam that took place two years ago amounted to $32 million.

Starting from 2012, Shazam’s user base has more than doubled and the monthly users have increased to three times its original number. Over two million new people enter its fold on a weekly basis. The music app owned by Shazam sells digital stuff worth over $300 million per annum in conjunction with iTunes. This figure is increasing 100% each year. Updated versions of its app enable the company to rake in the profits. In a way, Shazam is a Google for Audio. It has made its way into television too, though here the deal is a little paradoxical. A number of brands can advertise on Shazam if they wish to. Basically, the goal of the whole scheme is growth in Latin America. And Shazam will do all it can to make this possible since its future depends upon it.
 
The Shazam app will get a piggyback ride from Movil. America Movil, meanwhile, is owned by Carlos Slim who happens to be a very rich man. The money that Movil invested in Shazam will be used to introduce television services. Carlos Slim states, “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.”

The whole effort is geared towards widening Shazam’s domain. Shazam is especially renowned for its apps which feature on Android iOS and Windows Phone. The function which Shazam fulfills is the need to quickly locate the music you want to listen to via small amounts of information. Meanwhile, there is Shazam for television too which introduces a whole new element to the musical experience. The company’s ad service has been employed by Unilever, Procter & Gamble and American Express. It has also been associated with American Idol and ITV. It is the TV business that is all set to expand. And it will boost profitability beyond the banal. 

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