America Movil has invested $40 million in media engagement company Shazam.
The strategic investment will assist to accelerate the growth of Shazam, which has around 350 million users, in music, continued expansion into television and the development of new products.
As of March 31, 2013, America Movil had 262.9 million wireless subscribers and 65.3 million fixed revenue generating units in the Americas.
“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.
Since its last round of funding in 2011, Shazam’s user base has more than doubled to 350 million people around the globe.
The number of monthly active users has tripled to over 70 million as people increasingly use Shazam on their mobile device to have a deeper experience of music, TV and advertising.
Sales of digital goods are now over $300 million a year through affiliate partners like iTunes, a figure that is doubling annually.
“We are delighted to welcome America Movil as an investor in Shazam as we execute on our mission to enable people to engage with content and brands in the easiest way possible whether they are interacting with television, music or in retail environments.” said Shazam Executive Chairman, Andrew Fisher.
Meanwhile, last year Shazam updated the design and increased the speed of its app for iOS and Android.
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.
