Shazam narrowed its net losses from £16.7m in 2015 to £3.7m in 2016 (around $4.9m) in a year when it said its app had more than 300 million annual active users.
These details come from the company’s financial results for last year, filed with Companies House in the UK. Shazam’s revenues increased by 14.5% to £40.3m ($53.7m) in 2016, with the company saying that advertising continued to be “the primary commercial focus” for its business.
That said, Shazam is also now making money from its music-streaming partner when it sends new customers to them from music discovered in its app.
Shazam also reduced its average headcount from 251 in 2015 to 221 in 2016.
The Telegraph has some reaction from Shazam’s executive chairman Andrew Fisher. “We are very pleased with our 2016 performance and we’re in great financial shape,” he said.
“To be clear, we didn’t state we were profitable for the whole year and our strategy is to continue to operate right at or around profitability while re-investing in key areas of our business such as product innovation, R&D and human capital.”