Shazam is now valued at more than $1 billion, thanks to a recent $30 million investment in the audio-identification app. The new funding will go toward increased service capabilities and new market sectors for the service, which has more than 100 million monthly active mobile users. Shazam has received more than $100 million in venture capital funding since 2009.
CEO Rich Riley said the company aimed “to increase the universe of what is Shazamable.” With the expansion into advertising and marketing, that definition has expended beyond music. Shazam can now be used with television shows, commercials, movie theaters, retail settings, and radio programming. The app even goes beyond audio now, tapping into smartphone cameras for reading QR codes and barcodes.