Shazam Gets $40 Million Investment from America Movil

RMN Digital | July 8, 2013 | Americas, Corporate, Finance, Regions | No Comments

Leading media engagement company Shazam announced today that America Movil (NYSE: AMX), a telecommunications carrier in the Americas has invested $40 million in Shazam.

The companies have formalized a strategic business collaboration for the Americas. The investment will help accelerate Shazam’s ongoing activities in music, expansion into television and the development of new products.

Shazam also has launched the “Shazam Engagement Rate,” a new Shazam for TV advertising metric that aims to enable brands to more accurately gauge the effectiveness of television advertising campaigns.

Exclusively available to Shazam for TV advertisers, Shazam combines third-party industry data on the number of people viewing a particular ad with the number of people who engaged with that same ad through Shazam. (Read: Shazam to Improve Impact of TV Advertising)

“Shazam’s expansion into television has moved the company into an entirely new phase of growth with interactive advertising generating new sources of revenue and partnerships with broadcasters encouraging a broader group of people to use Shazam more frequently.” said Shazam CEO Rich Riley.

“We look forward to working with America Movil to launch these services in the region as we seek to increase our ubiquity throughout the world.”

In the last year, Shazam updated the design and increased the speed of its app for iOS and Android.

Plus, earlier this month, Shazam launched a new app for iPad which included a new feature, Auto-Tagging, which helps people constantly recognize and engage with any media playing around them, automatically.