The major record labels: Warner Music Group, Universal Music Group and Sony Music have all taken $3 million stakes in the popular music identification app Shazam Entertainment.
Shazam is valued near $500 million so the stakes are relatively small. All the shares are said to have been purchased from a single investor.
The service, which allows you to identify music that is playing anywhere or TV shows that are on TV from your phone, also has partnerships with iTunes, YouTube, Spotify and social media sites so users can purchase the tracks they find almost instantly, or share it on Facebook or Twitter for others to listen.
Shazam is also said to be in talks with Apple to license their song-ID tech for integration in iOS 8.
The company has over 450 million users worldwide and 90 million monthly active users.
Source:
WSJ
The service, which allows you to identify music that is playing anywhere or TV shows that are on TV from your phone, also has partnerships with iTunes, YouTube, Spotify and social media sites so users can purchase the tracks they find almost instantly, or share it on Facebook or Twitter for others to listen.
Shazam is also said to be in talks with Apple to license their song-ID tech for integration in iOS 8.
The company has over 450 million users worldwide and 90 million monthly active users.
Source:
WSJ
