(Hypebot) – Shazam announced that it has has been downloaded more than 1 billion times. The hugely popular music discovery app also joined a very exclusive club: it's a profitable music tech startup.
Shazam today announced several impressive financial and user milestones. The popular music discovery app has surpassed 1 billion mobile app downloads and achieved EBITDA* profitability thanks to double-digit revenue growth.
That scale has allowed Shazam to transition to advertising as its revenue source. Additionally, there are over 1,800 artists verified on Shazam that are sharing content with their over 3 billion cumulative followers.
“We are excited to have accomplished these significant milestones in the development of Shazam,” said Rich Riley, Chief Executive Officer, Shazam. “Transitioning our business model to advertising, achieving profitability and crossing one billion downloads are the result of the tremendous efforts of our team. We remain relentlessly focused on delivering magic for our users and results for our advertising partners, and couldn’t be more excited about our future."
*Earnings Before Interest, Taxes, Depreciation and Amortization