The application, which will incorporate ad platform Mpression to serve targeted ads in the UK, Germany, France and Spain.
Mpression will use music tagging information to enable advanced targeting for advertisers. As well as the usual mobile targeting parameters such as handset type and time of day, advertisers will be able to target consumers based on their music tastes, for example, by artist name or by individual track names.
Jonathan Symons, EVP of business development at Shazam Entertainment, said: "It is our ambition to push the envelope of mobile advertising."
The move comes as 4th Screen Advertising rolls out its new rich media in-application ad formats for Apple's iPhone, Google's Android and Nokia's Ovi applications.
These formats will allow advertisers to access the video, GPS and call functions on the handsets to engage with consumers.
The iSlide formats will offer touch to expand, touch to video, touch to call as well as touch to find my nearest.
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