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Carlos Slim invests $40 million in Shazam

July 8, 2013 by Veronica Villafañe

Slim-ShazamMexican billionaire Carlos Slim has invested $40 million in British music recognition app Shazam.  The investment was made through Slim’s telecommunications company America Movil.

The deal will help expand Shazam’s presence in the interactive television market, push the development of new products, and enter the Latin American market.

Billboard reports the app will be pre-loaded on mobile devices in Latin America.

According to Shazam, the app’s user base has more than doubled to 350 million people around the globe, with over 70 million monthly active users.

The company has generated revenues of $300 million in the past 12 months from song purchases, through partners like iTunes.

 

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Filed Under: Media Tech & Trends Tagged With: America Movil, Carlos Slim, Shazam

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Veronica Villafañe, Editor & Publisher

Emmy award-winning journalist and former president of the National Association of Hispanic Journalists (NAHJ). Currently a reporter for Voice of America, she has worked as an on-air reporter, anchor, writer and producer for Spanish and English-language TV, print and online media, including Univision, Telemundo, Fox 11 News in L.A. and the San Jose Mercury News.

Hispanic media and entertainment contributor to Forbes.

Full bio here

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