Yes, they became profitable in 2016 via mostly brand advertising [1][2]. The company has nearly 400 employees according to LinkedIn. With a very conservative personnel estimate of $125k/employee/year, that's $50M alone. Let's throw on another $25M for everything else and they need to be doing at least $75M+ in annual revenue.

[1] https://www.macrumors.com/2016/04/20/shazam-for-brands-user-...

[2] https://www.billboard.com/articles/business/7526322/shazam-1...