New cash injection for Shazam

A new round of venture capital funding to the tune of $32 million has been announced by Shazam.

The investors are DN Capital, Kleiner Parkins Caufield & Byers and Institutional Venture Partners. As per Shazam, this new cash injection will be pumped into the development of their mobile discovery apps that includes a push into the advertisement markets and TV and their traditional focus on music.

Shazam, since last year, has been working with multiple US show creators and broadcasters. They have integrated their technology into their shows that allows visitors to tag them to be able to view extra content like behind the scenes footage.

Shazam has announced that their 150 millionth user will soon sign up. They are currently signing up new members at the rate of a million plus a week. More than four million tags a day are now being generated by Shazam apps, the majority of them in music.

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