America Movil Invests $40M in Shazam
Media identification app Shazam has announced a $40 million investment from Latin American wireless carrier America Movil.
According to a press release, the companies have formalized a strategic business collaboration for the Americas that will help accelerate Shazam’s ongoing growth in music and expansion into other media forms like television.
The London-based Shazam currently boasts a user base of 350 million people globally. Since the company's last round of funding, the number of monthly active users has tripled to over 70 million.
Shazam reports that sales of digital goods are now over $300 million a year through affiliate partners like iTunes, a figure the company says is doubling annually.
America Movil provides both mobile and landline telephony services, broadband access, as well as cable and satellite television. It offers those services under the Telcel, Telmex, Comcel, Claro, Embratel, Net and TracFone brands. AT&T was its major shareholder with 24.5 percent of its interest.