Mexican billionaire throws $40m at Shazam

Carlos Slim's investment will be used to fuel Shazam's expansion into the TV space.

Mexican telecommunications magnate Carlos Slim has invested $40 million into the maker of Shazam, a music identification service.

Shazam Entertainment is based in the UK, but was formed in the US in 1999. The Shazam smartphone app has over 300 million users across iOS and Android.

Slim, who is the richest man in the world according to Forbes Magazine, is known more for his investments in foreign telecommunications businesses.

According to Reuters, Shazam will use the money to fast track its expansion into television with its service that can identify music used in advertisements and link users to a particular brand's website.

Last year, Shazam introduced the ability for users to tag audio used in TV shows and commercials. It can then bring up related information about the TV content on user devices.

Currently, American Express, Procter & Gamble, and Unilever are already using the Shazam service for advertising. According to Shazam, 85 percent of its users use the app to interact with the television.

Shazam executive chairman Andrew Fisher told Reuters that he expects the TV side to outperform the music side of the business within the next 18 months.