Anyone holding up their phone to the ringing of the New York Stock Exchange opening bell and hoping to identify Shazam as the artist will have to wait a while longer. Another music discovery service, Pandora, had that ceremonial honour when it IPO’d a week ago, but Shazam has just announced a $32m funding round that puts off any immediate thoughts of going public. Read more

ShazamShazam, 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