Shazam has filed financial results for its entire 2014 financial year. While the sound identification app did post solid numbers in terms of audience base, it still had losses overall in the period. Revenue at Shazam in 2014 totaled about £36 million, but the net loss was £14.8 million. Shazam shifted its accounting calendar recently, meaning no exact year-on-year comparisons of results. But the company had £16.9 million in revenue during the second half of 2013 and £5.3 million in pre-tax losses.
The results did reveal nearly 120 million monthly active users for the service, though. That’s a larger audience than the ones commanded by Spotify, Rhapsody, and Apple Music. Shazam’s audience is generating about 20 million identification requests daily.
There are some good possible reasons for Shazam to be so far in the red. The company has been expanding its core audio recognition feature to include a visual angle. A new feature like that would require an investment of resources that may still be fresh enough to not have paid any dividends. Also, the app is regularly adding new streaming integrations, which also take time to yield significant additions to revenue. The company did receive a $30 million investment in January, which pushed its valuation above $1 billion, so investors at least are still bullish on Shazam’s prospects.