Shazam secures $32m to boost TV tagging

Music-identification service Shazam has secured new funding as the company looks to expand its TV tagging service.

Yesterday, Shazam announced that Kleiner Perkins Caufield & Byers, Institutional Venture Partners, and existing investor DN Capital have ploughed $32 million (£20m) into the firm.

Shazam said that the funds will be used to support the growth of its real-time music discovery app, available on iOS, Android, Java, BlackBerry, Windows and Symbian.

For the last year, the company has also been offering Shazam for TV, enabling consumers to access mobile or web content related to the programmes, commercials, networks and brands they are watching.

The service is designed to tap into the "second screen experience" of viewers increasingly using mobile phones and tablet computers while watching television. According to research by Google, 72% of smartphone owners now use their handset while consuming other media, such as TV.

NBCUniversal and MTV have already incorporated Shazam for TV into their shows in the US. Shazam is also working with producers and advertisers to create "rich, interactive experiences" around programmes and products.

Andrew Fisher, the Shazam chief executive, said that the move into television was a "natural evolution" for the company's technology.

"We are excited to have delivered the same powerful discovery experience for broadcasting and advertising that people have always loved with music," said Fisher.

"Our size and growth is unparalleled in the industry and gives our network and brand partners reach not available with anyone else.

"This investment will support our continued growth, both organically and through acquisition, as well as the ongoing development of new features and products, keeping us at the forefront of innovation."

Shazam has more than 100 employees working at its London headquarters and offices in Palo Alto, New York, Los Angeles and Seoul. The company boasts almost 150 million registered users making four million tags per day. It aims to have 250 million users within the next two years.

On Monday, The X Factor maker FremantleMedia partnered with WireWAX for a study into "taggable" online video technology, designed to create a more active viewing experience.