Shazam hits $1bn valuation hinting at print ad and QR code scanning
British music recognition app Shazam has reached the $1bn valuation milestone following its latest funding round bringing in $30m.
Shazam, which now boasts 100 million monthly users, never disclosed which parties invested were but said it will use the capital to increase the app’s functionality and push into new markets.
Notably, the company has not made a profit since 2007, with its income in the following period instead directed into growing the app.
Andrew Fisher, executive chairman of Shazam, said: “This funding reflects the substantial progress we have made in delivering a new paradigm for brands and content owners to increase engagement with their audiences whilst magically connecting people to the world around them.
“We are delighted to welcome our new investors as we further strengthen our balance sheet and continue to effectively execute on our corporate strategy.”
Rich Riley, chief executive of Shazam, added: “We’re excited to continue to focus on user growth and engagement, building on our strength in music and innovating to increase the universe of what is Shazamable in order to realize the enormous potential of Shazam.
In 2015, Shazam looks to extend beyond music recognition, planning to make use of smartphone cameras to scan print ads, QR codes, packaged goods and barcodes.
The top Shazamed ads each week are published in The Drum, here's the latest entries.