Shazam secured the title of a billion dollar business at the start of 2015, achieved as the company continued to enhance itself beyond an app that detected songs into a brand marketing tool.
Indeed, this was demonstrated at the end of May when the company revealed it was pushing into image recognition for the likes of Disney and Warner Bros, effectively making the likes of augmented reality company Blippar a rival.
Making an apparent bid to increase its position in the marketplace, the company has now appointed Yelp CFO Rob Krolik to its board of directors as an independent member and chair of the audit committee.
He said: Shazam is defining a new category for enabling consumers to engage with content and brands in the most efficient way possible. I am excited to join the board at a time when the company is uniquely positioned to continue its pioneering leadership in both music and creating new ways for brands to connect with users.
When Shazam achieved its valuation in January, it was rumoured that the company would soon look to go public. Chief executive Rich Riley ignited further speculation in March when he revealed Shazam would be a great public company with a business model driven by advertising. We want to build a public company and weve got a lot of flexibility. A spokesperson later tried to play down the comments.
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However, the arrival of a CFO like Krolik suggests an IPO may actually happen soon. He boasts over 20 years of experience working with public companies and in the consumer market, with roles at the likes of eBay and shopping.com.
Rob not only brings significant public market expertise but his experience at the intersection of digital commerce and advertising will add tremendous value to Shazam as we pursue our mission to help consumers magically connect to the world around them,” said Shazam chairman Andrew Fisher.
Elsewhere, Shazam is planning to support teenage British entrepreneurs this summer by acting as a mentor for the Young Founders scheme in London.