Music Discovery App Shazam Is Reportedly Raising At A $500 Million Valuation

Shazam is reportedly raising $20 million at a $500 million valuation for its music and media discovery app, Re/Code reports.

Last summer, Shazam pegged its number of users at 60 million monthly active users. Today, it reportedly has 88 million monthly active users.

Shazam started as a music discovery app, but has since evolved into a more broad, media discovery app for things like TV shows and even commercials.

Just yesterday, Shazam released a revamped version of its iPhone app in the hopes of increasing engagement with things like real-time lyrics, and easy access to a song's music video.

Shazam has also made it easier to buy or stream content on streaming services like Rdio and Spotify. If you're a Rdio subscriber, for example, you'll be able to listen to entire songs within the Shazam app.

Prior to this reported round of funding, Shazam has raised $72 million to date.