Andre Yoskowitz
5 Sep 2015 12:34
Music discovery app Shazam had a great 2014, but its losses continue to accelerate as the company struggles to make profits.
Shazam had about 120 million monthly active users at the end of 2014, but the company lost £14.84m in 2014, up significantly from the £7.74m it lost in the previous year.
Revenue remained strong, at least, up 16 percent to £36.01m at the end of 2014.
The company has done two funding rounds since 2014, raising first $10 million USD and then $49 million USD, making Shazam a 'unicorn' - a startup with a $1 billion valuation. Like most unicorns, it does appear that Shazam is a ways away from making a profit.
Source:
MBW