Shazam! Record labels shovel $9m into name-that-song app
London-based firm basks in repeated showers of cash
Three of the world's biggest record labels have clubbed together to invest in London-based name-that-tune firm Shazam.
Access Industries, the company which owns Warner Music Group, and Universal Music Group owners Vivendi have teamed up with Sony Music Entertainment to each take a rumoured $3m stake in Shazam.
Recent estimates have put a value of $500m on Shazam, which allows smartphone users to identify music tracks they are listening to via text message.
It started off by digitising 1.5 million songs in ill-fated Brit biz Woolworths' music library in return for the right to create a database of the songs' data.
These days Shazam claims an international user base of 450 million, following a $40m cash injection from multi-billionaire Carlos Slim.
Shazam declined to comment on the investment. ®
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