América Móvil invests $40 million in music recognition app
Carlos Slim’s América Móvil has invested $40 million in the UK company behind the music recognition app for mobile devices, Shazam.
Shazam is said to have approximately 350 million users worldwide, and the move is expected to strengthen the app’s position in the market through Movil’s 250 million mobile subscribers across 18 countries. The deal is also said to include an agreement to pre-install Shazam on mobile phones sold in Latin America.
Shazam is mainly known for its ability to identify snippets of music in order for users to locate, buy or listen to the full track. It has, however, also expanded into the content advertising space through a service that allows consumers to ‘Shazam’ TV ads in return for receiving special offers. The likes of Unilever and American Express have partnered with Shazam for the service.
"Shazam is defining a new category of media engagement which combines the power of mobile with traditional broadcast media and advertising to create compelling value-added experiences for consumers, content providers and brands," said Carlos Slim, chairman, América Móvil.
"We are excited to bring this innovation to América Móvil subscribers as we continue to further differentiate our services," he added.
The move reflects the growing number of partnerships being explored by OTT players and carriers. For a full report, click here.