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Shazam posted smaller loss, £40 million revenue in 2016

Shazam has filed its 2016 financial results, which included annual revenue of £40.3 million. The company’s losses for the financial year totaled £3.67 million, narrowing from £16.74 million in 2015. “We are very pleased with our 2016 performance and we’re in great financial shape,” Executive Chairman Andrew Fisher said. “Our strategy is to continue to operate right at or around profitability while re-investing in key areas of our business such as product innovation, R&D and human capital.”

The figures from 2016 show a resilience even as Shazam’s business ventures have taken several pivots over the years. Shazam began as a tool for identifying music. As streaming services grew their audience, Shazam pursued ties with those companies so that users could stream or purchase the songs they tagged songs through its app. In 2016, it launched an arm specifically for brands looking to integrate Shazam functions into their marketing efforts. More recently, Shazam has broadened its efforts to include visual components, adopting technology akin to QR codes and more recently pursuing augmented reality projects. It’s core audio identification project is also the subject of a TV game show.

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Anna Washenko

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