Shazam is reportedly raising $US20 million at a $US500 million valuation for its music and media discovery app, Re/Code reports.
Last summer, Shazam pegged its number of users at 60 million monthly active users. Today, it reportedly has 88 million monthly active users.
Shazam started as a music discovery app, but has since evolved into a more broad, media discovery app for things like TV shows and even commercials.
Just yesterday, Shazam released a revamped version of its iPhone app in the hopes of increasing engagement with things like real-time lyrics, and easy access to a song’s music video.
Shazam has also made it easier to buy or stream content on streaming services like Rdio and Spotify. If you’re a Rdio subscriber, for example, you’ll be able to listen to entire songs within the Shazam app.
Prior to this reported round of funding, Shazam has raised $US72 million to date.