Mobile discovery service Shazam is about to sign up its 150 millionth user, and is currently adding new users at a rate of 1.2 million a week. Yesterday, the company announced a big new funding round: $32 million from US venture capital firms Kleiner Perkins Caufield & Byers and Institutional Venture Partners, with existing investor DN Capital chipping in. The funding is less about music, and more about helping Shazam scale up its rapidly-growing TV tagging business in the US, where it’s working with broadcasters to provide second-screen content to people while watching specific TV shows. “We’re profitable, but this is an opportunity to invest and grow even faster, investing in Shazam for TV and the core music proposition as we grow it from 150 million users to a quarter of a billion,” says EVP of marketing David Jones. Stand by for a feature on Shazam and the music recognition space in today’s Music Ally Report, with some additional big news that we can’t talk about until this evening. Source: Music Ally Blog Source: Guardian
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Tools: Kaiber
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