Shazam Entertainment, the music-identification app, landed small investments from the world’s biggest record companies, according to people familiar with the matter. Warner Music Group owner Access Industries – the holding company of billionaire Len Blavatnik – along with Vivendi’s Universal Music Group and Sony Music Entertainment, are each taking $3 million stakes in Shazam, these people said. All of the shares were purchased from a single third-party investor, according to people familiar with the transactions. Shazam’s most recent valuation was $500 million, a spokeswoman said. She declined to comment on the labels’ stakes. Shazam, which is based in London, helps people identify music playing on the radio or other public setting. For the labels, Shazam’s biggest value lies in its role as a marketing partner.
Read the full story at the Wall Street Journal’s Bits Blog.