Mobile discovery service Shazam sold the intellectual property rights to its audio recognition technology to Broadcast Music Inc (BMI) in 2005, at a time when it needed funds to continue developing its apps. A decision that the company has regretted? Well, Shazam has just bought back that IP for an undisclosed amount, with BMI becoming one of its shareholders as a result of the deal, while also continuing to use the technology for its BMI Recognition Services.
“Shazam has seen fantastic growth in the last year, adding more than one million new people every week, with the total number of Shazamers around the globe now exceeding 150 million,” says CEO Andrew Fisher. “This is the optimal time to repurchase the technology and patents so that we can continue to add to and protect our growing portfolio which will, in turn, allow Shazam to broaden our range of products, further developing Shazam for TV and other innovative offerings.”