Shazam Picks Up $32M For TV Play
All Things Digital, Wednesday, June 22, 2011 12 AM
Hoping to branch out into TV, mobile music service Shazam has reportedly raised $32 million from investors, including Kleiner Perkins and Institutional Venture Partners. "What Shazam is really excited about is television, which it sees as a bigger opportunity than music," according to All Things D, citing comments from company executives. "The company has embarked on a flurry of deals with networks like MTV and Syfy and advertisers like Old Navy."
Read the whole story at All Things Digital »
Select TV programs and ads now encourage viewers to "Shazam" them, using the audio recognition features of Shazam apps in order to receive bonus content and discounts. The company has over 140 million users -- who download apps and tag songs -- and is adding 1.2 million more per week. It also has millions of paying users for its subscription iPhone apps, as well as significant revenue from advertising and affiliate purchases, All Things D reports.
The company sells at least 300,000 songs per day. Meanwhile, Shazam is joining a growing list of companies trying to get viewers to "check-in" on the Web while watching TV.
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