Universal, Sony and Warner buy stake in Shazam
The three major labels have each bought a $3m stake in audio discovery platform Shazam.
Like Spotify, the company is expected to eventually launch an IPO. And, like Spotify, that means the labels would generously benefit from having a foothold in the company.
However, the stake each has taken in Shazam is believed to be very small. Music Ally points out that Shazam's latest valuation of $500m would mean each record company had acquired just 0.6% in the company.
Shazam's ...
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