Carlos Slim is giving one music app a financial boost…
The 73-year-old Mexican businessman, investor and philanthropist, the world’s richest billionaire from 2010-2013, has invested $40 million in Shazam, the London-based maker of the song identification smartphone app.
Shazam says the investment from Slim’s telecommunications company America Movil will help accelerate its ongoing growth in music, continued expansion into television and new product development.
The deal includes an agreement to pre-install Shazam on mobile phones sold in Latin America, Shazam Executive Chairman Andrew Fisher told Bloomberg.
Shazam uses algorithms to analyze unique elements of music to help users identify the title and other information. An acoustic fingerprint is created based on a sample taken from the phone’s microphone and is compared against a central database for a match. If a match is found, the app identifies information such as the artist, song title, and album.
Shazam has over 70 million monthly users, according to the company.