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Shazam poised to raise $20 million in new funding at a $500 million valuation

According to several sources close to the situation, music discovery app Shazam is close to raising $20 million from investors, some new, at a $500 million valuation.

The number is significantly larger than its most recent round last summer, which came just after it also got a new CEO — former Yahoo exec Rich Riley.

The London-based Shazam now calls itself a "media engagement" company, with its app downloaded by hundreds of million of users across the globe. When Riley was hired, the company said it had 60 million monthly active users, who install it on their smartphones to identify songs based on how they sound, via tagging of its many millions of tracks.

Shazam now said it has 88 million monthly active users.

Read the full story on Recode.

By Kara Swisher, recode.net.

CNBC's parent NBC Universal is an investor in re/code's parent Revere Digital, and the companies have a content-sharing arrangement.

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