Music Industry Buys Into Shazam

Shazam Entertainment officially announced that it’s landed a series of investments from many of the world’s biggest record companies, indicating that the music industry is looking at new and different methods of keeping relevant and present. Shazam, whose latest valuation was $500 million, said that Universal Music Group, Warner Music Group, and Sony Music Entertainment are each taking $3 million stakes in Shazam, which were purchased through a third party investor. These groups all also own a stake in Spotify, and have used the platform to push artists’ streams, and thus its likely we’ll see these music groups do the same on Shazam.