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DN Capital leads investment in music recognition company Shazam




DN Capital leads investment in music recognition company Shazam



23 Mar 2004
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Shazam Entertainment announces additional $5m funding to accelerate global expansion plans

 

  • Securing new funding in oversubscribed Series C round
  • Delivering strong balance sheet for continued international development and breakthrough into broadcast monitoring

 

Award winning mobile music recognition company, Shazam Entertainment, has secured additional funding worth $5 million to pave the way for further international expansion into Europe, Asia and North America, and to broaden its scope in the multi-billion dollar broadcast monitoring sector.

 

Jerry Roest, CEO of Shazam Entertainment, explains: “Shazam has leapt forward in the past 12 months, and to capitalise on the remarkable progress in establishing our music recognition services worldwide, we decided to raise additional funds to accelerate growth further. This funding marks investor confidence in Shazam and will help us to build on our ability to drive ARPU for operators, provide music labels with innovative new ways to sell music, and explore new applications for our technology.”

 

Shazam boasts a world’s first in music recognition technology, and has already successfully introduced a consumer service to nine countries, including the UK, and has attracted more than three quarters of a million users. Shazam’s technology allows music fans to use any mobile phone to identify a track, simply by pointing it at the music source and dialling a short code (e.g. 2580 in the UK or 44933 in Italy). The user receives an SMS ‘tag’ within seconds, giving details of title and artist. In the UK alone, consumers have already ‘tagged’ around 3 million tracks.

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