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By Billboard

Shazam erased its losses and increased user totals during the course of 2018, a year that saw the audio-identifying app’s acquisition by Apple.

According to financial results submitted to the U.K.’s Companies House on Tuesday, Shazam grew its user base and reached 478 million active users, up from 400 million the previous frame. The company also ended the year with revenue of€31.4 million ($34.5 million), down from €40.8 million ($44.8 million) in 2017, and profit before taxation of €144.3 million ($158.4 million), a reversal of €17.7 million ($19.4 million) in losses a year before.

The latter good news is attributed to Shazam’s $400 million sale to Apple, made official in September 2018. As a welcoming gesture, Apple removed one revenue source — ads — from the free version of the app.

The average monthly number of employees, including directors, was 216, down slightly from 225 in 2017.

In August, Apple Music launched a new trending chart powered by Shazam that highlights and predicts rising artists on the app. The Shazam Discovery Top 50 was the latest in a string of updates and additional features Shazam rolled out over the summer. Back in June, the app rolled out the ability to recognize songs with your headphones in and later Apple Music incorporated Shazam data into its new Apple Music for Artists platform, giving even deeper data and analytics to musicians.


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