AfterDawn: News

Shazam was a big money loser despite strong user growth

Music discovery app Shazam had a great 2014, but its losses continue to accelerate as the company struggles to make profits.

Shazam had about 120 million monthly active users at the end of 2014, but the company lost £14.84m in 2014, up significantly from the £7.74m it lost in the previous year.



Revenue remained strong, at least, up 16 percent to £36.01m at the end of 2014.

The company has done two funding rounds since 2014, raising first $10 million USD and then $49 million USD, making Shazam a 'unicorn' - a startup with a $1 billion valuation. Like most unicorns, it does appear that Shazam is a ways away from making a profit.



Source:
MBW

Written by: Andre Yoskowitz @ 5 Sep 2015 12:34

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• 2 comments

• hearme0

  Not surprised.
  
  Most apps that boast massive profits and success aren't very successful in reality....IMO.....my guess is they put up a great front to artificially inflate their lousy product...Like Facebook, Instagram, Foursquare.......remember that crap???
  
  Oh and Angry Birds too.........they're all sinking or going to at least.

  9.9.2015 00:28 #1

• mightyzog

  If you look at the comments in the reviews in the iTunes Store it's clear what the problem is...... Too much bloat in the app. It used to be fast.... You could open the app and have the song info within seconds. No longer. Now when you open the app you have to wait for a while for all the stupid social media crap to load.
  
  Hey Shazam... I already have a Facebook, Twitter, and Amazon app.... I don't need all that crap from you too.

  23.9.2015 02:55 #2