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Shazam focuses on mobile music market and sells certain technology assets to Broadcast Monitoring

· Shazam’s focuses on its mission to provide world leading mobile music solutions
· Performing rights organisation Broadcast Music, Inc. acquires Shazam’s audio recognition technology IP following successful trial implementation;
· Shazam retains exclusive rights to consumer mobile telecommunications sector through perpetual, worldwide license

Shazam Entertainment, the pioneering UK-based audio technology company today announces the successful conclusion of a deal to sell the intellectual property (IP) of its audio recognition technology to American performing rights organisation BMI for uses outside the mobile consumer sector.

Under the agreement Shazam will receive a perpetual worldwide exclusive license for provision of music recognition and associated services for the consumer mobile telecommunications sector. The deal also provides Shazam with working capital to fund accelerated product development and international expansion, enabling the company to provide its customers with increasingly sophisticated services and solutions.

Following a strategic business review carried out by Shazam, the decision was taken to concentrate on consumer services based on the identification and purchasing of music-related products and services. The size of addressable markets and anticipated growth rates of music over mobile, combined with Shazam’s expertise, presented a clear opportunity to drive innovation and create additional revenue streams.

The deal follows BMI’s successful trial implementation of Shazam’s audio recognition technology in May 2004.

BMI has formed a wholly owned subsidiary, Landmark Digital Services, LLCSM, to own, deploy and exploit the technology that it has acquired from Shazam. Offered under the name of BlueArrowSM, the technology will form the core of a new system that will, among other things, greatly expand the organisation’s ability to measure the use of music on the radio, television and the Internet, for which it collects licensing fees on behalf of 300,000 songwriters, composers and publishers.

Ajay Chowdhury, Chairman of Shazam said: “Over the last three years Shazam has built a global market leading position in consumer music recognition and sale of follow on products over cellphones. This strategic arrangement with the world’s leading performing rights organisation will provide an excellent platform for the future growth of Shazam.”

Andrew Fisher, Chief Executive Officer at Shazam commented: “This transaction will deliver significant value to our customers and shareholders. We can realise our investment, whilst retaining the right to exploit key mobile markets by enabling people to identify and purchase music-related products and services on impulse. BMI is best placed to ensure that audio recognition technology fulfils its potential in the music and entertainment industry.”

Del Bryant, President and CEO of BMI added: “Pattern recognition technology is the single most promising way to identify music performed on media platforms. Our decision to invest in Shazam’s technology was based on several years of intensive research into competitive technologies. We feel Shazam has developed a superior solution in this field: one which offers incredible accuracy, speed and scalability.”

Shazam will now be expanding its mobile service offering with sophisticated solutions for connecting buyers and sellers of music related products and services. Shazam’s music recognition services enable people to identify any track by simply dialling a shortcode and holding their mobile handset to the music source. Once the track is ‘tagged’, the music clip is matched against the unique ‘fingerprint’ contained within Shazam’s vast database of 2.7 million tracks. The system then sends an SMS with the name of the artist and the track, enabling operators to cross-sell content relating to the identified artist or song.

About Shazam Entertainment
Shazam Entertainment boasts a world’s firs

Publisher Contact Information:

Shazam Entertainment Ltd.
+44 (0) 20 7229 4400

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