Shazam Narrows Losses As Revenues Climb To $50 Million

British music capturing and discovery company Shazam grew its revenues by 42% in its last financial year to total £31.02 million ($51.6 million), up from £21.8 million ($36.3 million) the previous year.

Pre-tax losses totaled £1.3 million ($2.2 million) compared to £3.0 million ($5 million) the previous year, according to figures filed at London’s Companies House for the financial year ended 30 June 2013.

Shazam is currently available in over 200 countries, across 33 languages, and claims to have 375 million users worldwide. Since forming in 2000, the London-based company says that it has surpassed 12 billion tags in total with more than 35 million music tracks in its database. Having expanded to include TV and branded content, Shazam currently generates more than 15 million requests, on average, per day.

Reflecting its global popularity, Shazam has attracted considerable outside investment in recent years. In June 2013, América Móvil made a $20 million share purchase. Earlier this month, the company completed a further $10 million fund raise with Clifton Capital LP one of the principle investors.

Meanwhile, in February this year, Shazam entered into a global strategic partnership with Warner Music Group that enables Warner to access Shazam’s propriety music data and monitor breaking acts and trends.

“The commercial environment is likely to remain competitive, but the directors are confident that Shazam will successfully continue to operate and expand as a result of the skills and experience within the Group, an excellent product set and strong financial backing,” said the company directors in a statement included in its Companies House filing.