After more than 15 billion "Shazams," the company that makes the popular music identification mobile application is now worth more than $1 billion.
Founded in 2002, Shazam is the app that "listens" to music playing, and—within seconds—finds both the song title and the artist for users to download immediately.
In an interview with CNBC's "On The Money," Shazam CEO Rich Riley says the company is "proud to cross that [financial] milestone." In explaining its "unicorn" valuation of more than $1 billion, Riley points to Shazam's numbers.
He says the app has been downloaded to mobile devices 500 million times, has 100 million monthly active users and is adding 10 million new users monthly.
"There's huge potential in a platform like ours ... and that's what drives these valuations."