Shazam, the mobile phone music discovery service, could be on track for an IPO, with Kleiner Perkins Caufield and Byers taking a stake in the company. Shazam, which was the original service that allowed users to hold up their phone in a noisy bar to identify what music track was playing, has seen phenomenal growth over the last few months, reaching the 50m user milestone this week.
The company has seen rapid growth after launching the service free on the iPhone App Store in the summer of 2008. The iPhone app has been downloaded more than 10m times. Read more