Popular iOS and Android music discovery app Shazam which boasts of over 300 million users has got a funding of  US $40 million by Carlos Slim, one of the world’s richest men. Slim, is considered one of the richest man in the world and is known for his investments in foreign telecommunications businesses.

Shazam executive chairman Andrew Fisher said Shazam is adding more than 2.5 million users a week. Fisher said the app sells 500,000 songs a day, which was 10 per cent of the worldwide market for digital music. Sales of digital goods through Shazam were worth $300 million a year, and that figure was doubling annually.

“So the brand is turning a 30 second advertisement spot on television into 3 minutes of engagement. And all of this is driven by the pervasiveness and the amount of time that people are spending on devices while they’re watching television.” said Fisher. “The way we think about Shazam in the future is enabling people to think about television, both the advertising on TV as well as the television shows themselves, music, radio and also in retail environments.”