Shazam app has become a staple among music applications and it’s now received the support of Carlos Slim. The Mexican business tycoon is investing $40 million into the smartphone app to help with its development.
The British-based company is hoping to grow its television expansion even further and the funds will be used to make the process go quicker.
You can already use the app through commercials for more information on a product or service and it’s hoping to expand the offer to other areas in the near future.
“Within 18 months we expect TV will significantly outperform the music side (of the business) and that’s part of this investment,” Shazam’s executive chairman Andrew Fisher said, according to Reuters.
Carlos Slim’s decision to back the music start-up could go a long ways, though his investments haven’t always panned out in the past. Slim is most notably recognized for America Movil, his Mexican telecommunication company that is the fourth largest mobile network in the world.
Shazam app is another venture to add to Slim’s list as he’s made billions through plenty of services such as banking, construction, and most notably the communications industry.
“Shazam is defining a new category of media engagement that combines the power of mobile with traditional broadcast media and advertising,” Carlos Slim said in a statement.
As of now, the app is being used by more than 350 million people and that number is quickly rising. As one of the most popular music applications, Shazam now has the funding to expand even further and bring in more users during the process.
It’s primary use is for identifying artists and their music, but it’s growth has led to TV as many companies are using the app to share information with customers.
Slim’s investment is a huge step in the right direction and it can’t hurt to have the world’s top billionaire on your side.
Do you think the Shazam app will grow faster than ever as it begins its next stage of expansion?
[Image via Agência Brasil]