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Shazam Secures $30 Million Investment
Shazam has announced that it closed an investment deal totaling $30 Million. This puts the investment value of the company at over $1 Billion and is the cherry on top to a string of successful months for the music identification service. If you are unaware of how it works, Shazam is an app that uses the microphone of your device to listen to the sounds around you. The app then compares the sound clip to millions of songs in the Shazam database.
At its core, the digital music we listen to is simply a bunch of 0’s and 1’s. Shazam compares the patterns between the recorded clips and the database in order to correctly identify the song or ad. The company has confirmed that there are around 100 million mobile users every month which put it in the company of mobile app behemoths like Twitter and Instagram. Each of these social apps have close to 300 million mobile users per month a piece.
Shazam also added Spotify and Rdio integration to enable songs to be streamed instantly once they have been identified. However, if there is any telltale sign on how successful the company has become, it has to lie in the fact that their name has now become a verb. Similar to the way you can “Google” something, people have been “Shazaming” songs, commercials, and even movie previews in order to get more information. This is sure to be a big year for Shazam.