Shazam Gets Back Its App from BMI

SHAZAM GETS BACK: Music discovery app Shazam has reacquired ownership of its Audio Recognition technology from business partner BMI in a new agreement that will allow the company to expand its services. Shazam gets its IP ownership reinstated, while BMI continues the service in the business-to-business space, becoming a shareholder in the company. The London-based company originally sold its intellectual property rights to BMI in 2005 to fund development, since then gathering over 150 million users worldwide. Said CEO Andrew Fisher: "This allows u to broaden our range of products, further developing it for TV and other innovative offerings." BMI will continue to provide the technology to its members in the form of recognition services, and will work with Shazam on both co-marketing initiatives and future services geared toward the performance rights organization's community. (11/29a)