Shazam is now reportedly worth over $1 billion

After a busy 2014, Shazam has announced plans to continue its rapid expansion into the new year.

The London-based company has secured $30 million in its latest round of funding, taking its value beyond $1 billion.

“This funding reflects the substantial progress we have made in delivering a new paradigm for brands and content owners to increase engagement with their audiences whilst magically connecting people to the world around them,” said chairman Andrew Fisher.

The identities of investors have not been revealed, but according to Fisher there were “a couple of billionaires” involved.

Shazam has raised $125 million in equity funding over the past eight years as its revenue has soared, though it hasn’t actually made a profit over that period.

The company earns commission on purchased songs that users discover through Shazam as well as making money through in-app ads. The Shazam app has now been downloaded over 500 million times and has more than 100 million active monthly users. [via Billboard]

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