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Shazam gets $40 million in funding from America Movil

Shazam gets $40 million in funding from America Movil
By: Trace Hagan | Business, Financial & Legal News | Posted: Jul 8, 2013 3:04 am

Shazam, the app known for its music tagging abilities, has received $40 million in funding from America Movil, the largest wireless carrier in the Americas. This funding will be used to make a bigger push into Latin America though partnerships and other initiatives.

 

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Shazam is looking to partner with Latin American wireless companies to pre-install Shazam on the devices they sell. This will help gain new users and drive further use and engagement. Shazam boasts a user base of more than 350 million people and an active user count of 70 million.

 

Shazam chairman Andrew Fisher says that these numbers are due to a much faster app that allows users to quickly tag songs in a TV show or commercial. Shazam sees more than 10 million tags per day.

NEWS SOURCES:Techcrunch.com

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