Shazam, a mobile discovery company, has raised $32 million in new funding led by Kleiner Perkins Caufield & Byers (KPCB) and Institutional Venture Partners (IVP), with existing investor DN Capital participating.
This funding would be used to develop Shazam’s real-time discovery and sharing App which creates an engaging, interactive mobile commerce platform for brands as it expands into television with Shazam for TV.
Shazam’s new features:
Shazam’s latest enhancement to its premium applications with Shazam LyricPlay in Encore and (SHAZAM) RED on iOS, allowing music lovers to view lyrics synched in real-time to music.
Creating a more personal, interactive experience, LyricPlay has multiple themed visualisations giving Shazamers a unique and innovative new way to see lyrics to songs they are tagging, so they can sing-along or just find out the words to the track. Previously, Shazam released Shazam Friends, which allows Shazamers to see a real-time feed of what their friends are tagging.
VC Funding Logic:
With the 150 millionth Shazamer just around the corner, Shazam is on a trajectory to achieve 250 million users within two years and continues to dominate the mobile discovery market.
“Over the last 12 months, Shazam has seen a 100% increase in the number of people downloading its mobile application each week, making it an integral part of their life,” said Dennis Phelps, General Partner at IVP. “With four million tags a day, Shazam is uniquely positioned to capitalize the increasing propensity of consumers to use their mobile devices for discovery, sharing and commerce.”
“Shazam has experienced incredible growth over the last year and established itself as the ultimate mobile App for media discovery and interaction,” said Matt Murphy, Partner at KPCB. “The recent additions of Shazam Friends, synchronized lyrics in LyricPlay, and Shazam for TV are just the start to expanding the functionality of a magical technology.”
With millions of consumers already accustomed to Shazaming for more information, networks and advertisers don’t have to invest in establishing a new behavior to further engage with their audience(if they use Shazam).
By creating Shazamable shows and commercials, networks and brands can give their viewers an unobtrusive “second screen” experience without interrupting what they’re watching.
Additionally, Shazam works with these producers and advertisers to create a rich, interactive experience that gives viewers more information about the shows and products they love rather than just a simple “check-in”.