In the midst of tremendous competition in music technology currently, music identification application, Shazam which graced smart phones a while back and ever since, has stayed at the top of the pack by consistently innovating and improving its utilization across a variety of new platforms.

In a year’s time, the company has jumped from 60 million to 88 million monthly active users, an increase which can largely be accredited to both a new CEO and the application’s fantastic ability to adapt and transform.

This flexibility has been further exemplified by their freshly added television service, which acts as an ‘interactive advertisement’ by providing users the opportunity to access unique and exclusive content like photos, music or links by simply ‘Shazam-ing’ a commercial or a portion of a show.

It thus comes as absolutely no surprise that the path-breaking application is now poised to raise $20 million in funding, bringing the company to a total valuation of $500 million. As an entity, Shazam has already received a great amount of funding, including $32 million from venture funders along with a sum of $40 million received last summer.

Via: Recode