Carlos Slim, one of the world’s richest men, has announced an investment of US$40 million in the Shazam startup, best known for helping music fans identify catchy songs.
Slim built his fortune with telecommunications firm America Movil, which offers an array of fixed-line, mobile phone, internet and cable television services in 17 Latin American nations and the United States (US).
America Movil announced the deal in a statement on Monday, saying the two firms “entered into a strategic alliance for business development in the Americas”.
In a separate statement, Shazam – which says it has 350 million users around the world – said America Movil was investing US$40 million. The UK-based firm will use the funds to accelerate its expansion into television, where its recognition software can tune into an advertisement’s soundtrack, then link viewers directly to the brand’s website.
It wants to establish the offer in Britain and the rest of Western Europe and Latin America.
America Movil has also agreed to promote Shazam across the dozen or so markets it operates in Latin America.
“Shazam is defining a new category of media engagement that combines the power of mobile with traditional broadcast media and advertising,” Slim said.
