Music app nabs $32 mil in new financing
Shazam, the mobile discovery app that smartphone owners use to tag songs they may not have known, has secured $32 million in new financing, in part to expand the service into TV, the company said Wednesday.
The London-based company said the funding was led by VC firms Kleiner Perkins Caufield and Byers and Institutional Venture Partners, along with its existing funder DN Capital.
Shazam said it is gaining a million new customers per week and will soon hit 150 million “Shazamers.”
Looking to move beyond music, the company wants to expand its Shazam for TV offering, which allows app users to receive promotional information and exclusive content when they aim their phones at TV ads and shows. NBCUniversal and MTV Networks were among the first to sign up for Shazam for TV.
“Music is still at the core of our DNA and will always remain fundamental to who we are. Our expansion into television is a natural evolution of our technology and we are excited to have delivered the same powerful discovery experience for broadcasting and advertising that people have always loved with music,” said Andrew Fisher, CEO of Shazam. “Our size and growth is unparalleled in the industry and gives our network and brand partners reach not available with anyone else. This investment will support our continued growth, both organically and through acquisition, as well as the ongoing development of new features and products, keeping us at the forefront of innovation.”
Company was quick to point out Wednesday that people use their smartphones increasingly while consuming other media, like watching TV.
“Shazam has experienced incredible growth over the last year and established itself as the ultimate mobile app for media discovery and interaction,” said Matt Murphy, a partner at KPCB. “The recent additions of Shazam Friends, synchronized lyrics in LyricPlay, and Shazam for TV are just the start to expanding the functionality of a magical technology.”
The Shazam app is available on iOS, Android, Java, BlackBerry, Windows, Symbian and all other major platforms.