Shazam Entertainment, an app maker that identifies songs has come to the attention of the world’s second richest man.
Carlos Slim of Mexico controls America Movil and the company invested $40 million with Shazam, which is London-based and has software that over 70 million users actively use each month.
The deal means that Shazam will now be pre-installed in mobile phones sold throughout Latin America, said Shazam Chairman Andrew Fisher.
Shazam uses technology that has algorithms that are able to determine the different elements in short snippets of songs to pinpoint what the name of the song is.
At last year’s closing ceremony of the 2012 Olympics in London, over one million people used the app.
Shazam is planning to use the new investment to earn business at next year’s World Cup in Brazil and during the 2016 Olympics also being held in Brazil.
Fisher said the most important thing was for people not to have to use www before each site when entering new sites into their smartphones, tablets, PCs or other computer devices.
The deal will help make the Shazam app one that people use during their daily life and not just when they want to hear music, said Fisher in a press release.
Shazam’s current app for audio matching for use on tablets and smartphones can identify close to any song that is played today. Globally more than 350 million people use the app each week with over 2 million new users are coming online weekly.
Annual digital goods sales for the company passed the $300 million mark and now are expected to double within the year, said Shazam officials.