Shazam App: Carlos Slim’s America Movil Invested $40 Million To The Developer of Song-Identification App

The maker of Shazam app gets support from the second richest man in the world.

According to Bloomberg, the billionaire and owner of America Movil, Carlos Slim,  has given a $40 million investment to the company behind the hit music-discovery software, Shazam app. Andrew Fisher, the chairman of Shazam Entertainment Ltd., revealed in an interview that the investment deal included an agreement which will pre-install the Shazam app on mobile phones available in Latin America.

The technology that makes Shazam app helpful and efficient "uses algorithms to decipher unique elements in snippets of music to help pinpoint the name of the tune." Due to its success, having 70 million active users per month, Shazam app has already expanded its services including tags for ads and television shows.

In fact, during the closing ceremony of the London Olympics event last year, there were more than one million customers who used Shazam app. The music service is planning to "use the partnership to cash in on excitement around the Brazilian Olympics in 2016" as well as the World Cup for soccer next year.

Fisher stated, "Ultimately it's about people not having to type www. to go to a website." He added that the deal is about "enhancing the service to give people more reasons to use Shazam as part of their everyday life, not just music."

Shazam app has more than 350 million users around the world, adding more than 2 million users every week. The annual sales of Shazam's digital goods have already surpassed the $300 million milestone, which are anticipated to double up each year.

Meanwhile, Slim's Mexico-based America Movil has a 10.8 percent stake in the company behind Shazam app, according to a statement.

Shazam app, which can easily audio-match music within 10 seconds is available for iOS and Android device users.