Mexico’s richest man has just made a substantial US$ 40mn investment in UK media discovery app Shazam, and plans to introduce Shazam-enabled services to Latin American customers of his telecoms company America Movil.
The new funds will be used to help accelerate Shazam’s ongoing growth in music, continued expansion into television and the development of innovative new products, according to the company, which was predicted last year to be on track for a US$ 1bn stock market flotation in 2013.
“Shazam is defining a new category of media engagement which combines the power of mobile with traditional broadcast media and advertising to create compelling value added experiences for consumers, content providers and brands.” said Carlos Slim. “We are excited to bring this innovation to America Movil subscribers as we continue to further differentiate our services as the market leader in Latin America.”
Shazam currently has around 70mn active users and is adding over 2mn new ones each week, thanks partly to a deeper push into TV that enables its US customers to automatically identify TV shows and access extra information on that show, with plans to expand this feature to other markets shortly.
CEO Rich Riley said: “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. 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.”
For its part, America Movil is one of the largest telecoms operators in the Americas with annual revenues of around US$ 60bn and more than 246mn mobile customers across 18 countries.