Business News Digital

New funding pushes Shazam valuation over a billion dollars

By | Published on Thursday 22 January 2015


The makers of “what’s that?” app Shazam have raised another $30 million in funding, according to Bloomberg, which pushes the value of the business over the $1 billion mark. Which is nice. For them. They should get a certificate made for the office kitchen.

Bloomberg quotes Shazam Chairman Andrew Fisher as saying “this funding reflects the substantial progress we have made in delivering a new paradigm for brands and content owners to increase engagement with their audiences whilst magically connecting people to the world around them. We are delighted to welcome our new investors as we further strengthen our balance sheet and continue to effectively execute on our corporate strategy”.

Ah, new paradigms, I got a box of them for Christmas. Shazam, of course, was early to the mobile-based music app market, and grew a pretty decent business earning referral fees when people identified a track via its platform and clicked through to buy it.

Though that trade was linked to the music download market, which has now peaked, meaning the company is increasingly diversifying, seeking new opportunities in the TV, brand and data spaces. So a whole load of new paradigms. I should lend them my box.