America Movil set to invest £26.9million into Shazam

Shazam, the app that started in order to provide users with the track listing of the song that constantly evaded their grasp is now set to expand overseas thanks to a £26.9 million investment.

Since its launch in 2002 the app has been used by more than 350million people. It’s monthly users amount to a staggering 70million who tag more than 10million songs, shows and ads a day.

However, the executive chairman and former CEO Andrew Fisher states clearly that, “the new funding is not a sign of Shazam running out of cash.” The investment is in fact a result of the growth of the company.

Thus the investment is in order to spread Shazam throughout Latin America by working with America Movil in order to get preloaded devices into the hands of users.