The company built around the British music discovery app Shazam is now valued at over $1 billion following a funding round, which raised $30 million. The investors’ identities have not been disclosed, but the company claims that the new funds were necessary to its continued expansion.
The Shazam app’s unique software allows its users to discover the title and release data of a song being played at any time. The company’s 2013 partnership with the music download giant Beatport ties it inexplicably to EDM culture, The addition of Beatport’s full catalogue to Shazam’s database means that music fans can benefit from it while listening to EDM mixes, as long as the track in question isn't overly mashed up or edited.
Much of the company’s funding in 2014 has been directed towards a slew of new features. Perhaps the most noteworthy is a counter which shows users the number of “Shazams” a track has aquired - the highest number of which belongs to Avicii’s “Wake Me Up” at nearly 20 million.
Shazam has been downloaded over 500 million times and has over 100 million active monthly users from mobile devices.