Shazam Chairman: how to target a $500bn market
Companies that enjoy enduring success have a core purpose and core values that remain fixed while their strategies and practices endlessly adapt to a changing world.
The rare ability of some businesses to balance continuity into its product lifecycle, whilst constantly evolving, is closely linked to businesses original vision laid out by founding teams and executives- who tend to believe in that vision to their very core.
Shazam is one such company, a music behemoth founded in 1999 with the aim of helping people find exactly what they want in a faster, more efficient way.
And despite originally being known exclusively for music, the company has bigger ideas. One which will see it take on an addressable target market of half a trillion dollars, encompassing the entirety of the worlds advertising through visual and audio search.
Fisher stressed the importance of staying faithful to your ultimate vision, which for Shazam is to “make it easier for people to discover something they are interested in. It has been my personal long-term vision for the company. And that’s what we are executing on today.”
The importance of maintaining a core business ideology provides guidance about what to preserve and what to change.
It’s the glue that holds a company together as it grows and changes.
And in a world where the sophistication of data collection lent by mobile phones allows for more insight into customers than ever before, the real winners over the next 3-5 years will be those businesses that stick to their core business ideology.
This episode of the Hot Topics podcast features an interview with the Executive Chairman of Shazam, Andrew Fisher, where we discussed his move from CEO to Executive Chairman, maintaining a core business ideology and the power that AI is set to have.