Shazam has hit back at news reports suggesting the private company is preparing to go public after a recent funding round valued the business at $1 billion.

Rumours started after Rich Riley (pictured), chief executive of the UK-based start-up, confirmed that the firm has joined the "Unicorn Club" (a term for start-up businesses valued at more than $1 billion).

“Shazam would be a great public company with a business model driven by advertising. We want to build a ...