Shazam surpasses 50 mil users
Also confirms new strategic investmentLONDON -- Mobile music discovery service Shazam has secured further investment as it announced that global users have now passed 50 million.
The service is available in more than 150 countries, and users have increased by 15 million since February, the London-based company said.
It has also confirmed a strategic investment from venture capital firm Kleiner Perkins Caufield and Byers, which has previously invested in Google and Amazon. The level of investment was not disclosed.
"This milestone and the backing of KPCB is a testament to both the success and enormous potential of Shazam," said Andrew Fisher, CEO of Shazam, in a statement. "Not only are significantly more people around the world accessing the service every day, they are using it with increased frequency, discovering and acquiring new music and sharing their discoveries with friends all from their mobile phones. Shazam is profitable and experiencing sustained acceleration in its growth rate. We are delighted to be partnering with KPCB, who join our existing investors Acacia Capital and DN Capital and will help us execute against the significant market opportunity ahead."
The KPCB investment is being made from its iFund and will enable the Shazam to continue to expand accessibility of the service around the world by developing applications for additional mobile platforms and in multiple languages.
"We're delighted to be leading this round of financing for Shazam. Their iconic application is among the most popular and sticky in the mobile industry," added Matt Murphy, who led the investment for Kleiner Perkins and manages the iFund.
"We've met hundreds of companies and received thousands of mobile app business plans, but none have distinguished themselves on par with Shazam. We're still in the early days of the mobile application phenomenon and Shazam's leadership in the massive mobile entertainment and discovery category, positions them to be at the forefront as it evolves."
The service, which allows users to identify a song with their phone while it is playing, launched an iPhone app in summer 2008. The company said it has been downloaded more than 10 million times on the iPhone App Store and is among the highest downloaded applications on BlackBerry App World, Nokia's Ovi Store and Google's Android Market.