Billionaire Carlos Slim Invests $40 Million Into Shazam

Posted July 8, 2013 at 7:07am by iClarified | Please help us and submit a translation by clicking here | 8602 views

Billionaire Carlos Slim of America Movil has invested $40 million into Shazam, the developer behind the popular music recognition app of the same name, reports Reuters. Slim is ranked the world's top billionaire with a net worth of $73 billion.

The move is surprising for 73-year-old Slim, who built his company America Movil in a more staid sector, namely the highly regulated telecommunications and TV business in Latin America. Before Shazam, Slim's only forays into Europe were to plough 4.8 billion euros ($6.1 billion) into stakes in Dutch operator KPN and Telekom Austria, on which he is nursing huge paper losses after their shares declined sharply in the past year.

Shazam says it will use the funds to accelerate its expansion into television where its software will be able to recognize shows and ads to display accompanying information to viewers.

"Within 18 months we expect TV will significantly outperform the music side (of the business) and that's part of this investment," Andrew Fisher, executive chairman of Shazam, said in an interview.

You can download Shazam from the App Store for free.

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Copperhead - July 9, 2013 at 12:12pm
I hope he takes that 40 million, and improve on the song results because getting dance music in this app is like pulling tooth and nail.
Dutch Telekom - July 9, 2013 at 1:10am
Carlos what are you trying to do??? only in Mexico and central & south-America you can practice your monopoly not here in USA or App Store, so whatever you are doing hope is not another company trying to implant monopoly here, by the ways Telmex and Telcel sucks really big time and all your stealing/monopoly companies, no wonder why you are so rich bastard...
Bonez - July 8, 2013 at 1:53pm
Cool now maybe shazam can afford to NOT F*CK USERS OVER when iOS 7 comes out, for no reason just cut iOS 5 users out with an update last year, brought 0 features that required iOS 6
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