Shazam app: Music-finding app gets $40 million investment from Slim, The Shazam app is the latest smartphone app getting some serious attention this week, as the CS Monitor reported this Monday, July 8, that not only has Shazam the app developer gotten people hooked on its music software and song-finding capabilities, but also garnered the interest of Carlos Slim. Slim is known as one of the richest men in the world, and recently decided to invest an incredible $40 million into the Shazam app’s restarted development.
Though it has different uses, the Shazam app is best known to many users across the world for helping listeners of various music styles to find out their favorite songs just by having the app listen to the music, then identifying the song title and artist.
The investment is somewhat of a shock for Carlos Slim, as it is a definite transition from America Movil (a widely used business for electronics in Latin America) to the more modern smartphone applications field. Yet Shazam seems like a solid investment for one of the world’s wealthiest individuals, as the British-based developer is planning on using that generous investment of $40 million to transition the Shazam app from just smartphones to television sets.
According to the company’s statement, Shazam will utilize its new found funds to expand into the TV field, where its music-listening and song-identifying software will be able to connect users with the soundtrack on a TV-based ad and then connect them to the brand’s website.
Users from the Android and iPhone may be seeing this change in the months to come.
"Within 18 months we expect TV will significantly outperform the music side (of the business) and that's part of this investment," said one Shazam official in a recent comment via interview.
Do you use the Shazam app? Do you enjoy it, and what do you think of its latest feature plans?
Monday, July 8, 2013
Shazam app: Music-finding app gets $40 million investment from Slim
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