Shazam’s CEO told the Wall Street Journal that the company is still sending 1 million clicks daily to streaming services like Spotify, Apple Music and others who do pay it for the traffic and conversions when they make a purchase. Shazam, the firm behind the mobile and desktop app, has finally become profitable, following its incorporation of advertising, as well as revenue from "commissions on digital music sales and traffic referrals". Shazam, which recently passed the one billion download marker, raised $30m in equity funding in 2015, giving it a valuation at the time of $1bn. The company is now looking to expand into other areas such as advertising and content distribution, with plans for an app that will allow users to buy songs directly through their smartphones.
Shazam, the firm behind the mobile and desktop app, has finally become profitable, following its incorporation of advertising, as well as revenue from "commissions on digital music sales and traffic referrals". Shazam, which recently passed the one billion download marker, raised $30m in equity funding in 2015, giving it a valuation at the time of $1bn. The company is now looking to expand into other areas such as advertising and content distribution, with plans for an app that will allow users to buy songs directly through their smartphones.