Shazam User #s

A report released this week has revealed that although their earnings have fallen over the last year, music discovery app Shazam now has more users than Spotify, Apple Music and Deezer combined. Shazam now boasts an impressive 120 million users (about a 40% increase from last year) but had a net loss of $22.1 million (an increase of 158%). But the losses aren't necessarily bad. According to Billboard, they are "likely coming from Shazam's effort to maintain its first-mover advantage, a characteristic always valued by investors. The more Shazam creates unique content, builds partnerships and expands its presence around the world, the more it will incur costs beyond development of the app itself."