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Digital
Shazam score new investment, plan expansion
By CMU Editorial | Published on Thursday 23 June 2011
Music identification technology company Shazam has just raised another $32 million in fun money, which will be used to double its workforce to allow new product development and an expansion into new territories.
Shazam’s board are reportedly keen to move the company to a point at which a flotation would make sense, especially with the current mood in City circles to participate in silly money dot.com IPOs. And unlike many of its digital rivals, Shazam claims to be profitable year on year.
It also reckons there is much opportunity to be gained from a new TV-based version of its service, which would let you point your phone to your TV set during certain programmes, and additional content and commercial offers would automatically download.
