Shazam the company which owns the unique music recognition app of the same name recently received a huge cash investment from the wealthiest man in the world. What did Carlos Slim see in Shazam? Details about the investment below.
Music has evolved over the years the way we listen to it and Shazam has been apart of the technology curve with it’s innovative app which provides details of songs and TV shows after hearing recording seconds of the media. The company recently expanded it services with an iPad app which has an auto-tagging feature that helps people constantly recognize any media playing around them.
Well the technology has caught the eye of a huge technology player, actually the world’s wealthiest man Carlos Slim. Slim’s company, America Movil has invested $40 Million into Shazam.
Since its last investment in 2011 Shazam said it has doubled its user base worldwide. With over 350 million users the company, which is privately owned brings in $300 million a year through affiliate partners like Apple iTunes.
Slim has been ranked as the world’s richest man for the last four years by Forbes magazine, with a net worth estimated at $73 billion.