Booktrack seeks $3 mln to fund content creation, IP patents   15 Jun 2012

Article - BusinessDesk

Booktrack seeks $3 mln to pay for content creation, IP patents

By Paul McBeth

June 15 (BusinessDesk) - Booktrack, the software company that creates soundtracks to accompany e-books, wants to raise up to $3 million to pay for new content creation and intellectual property patents.

Chief executive Paul Cameron is in New Zealand on an investor roadshow as he seeks to raise fresh capital for the company to secure rights to add music tracks and background soundtracks for e-books, which the company creates in Wellington.

"We need to get content and create audio," Cameron told BusinessDesk. "Because of the financial climate around the world, it's not an easy thing for anyone to do. It's a real challenge for New Zealand companies."

Booktrack was founded in August last year having spent two years developing its product, and has attracted investment from the Sparkbox angel investors group, Paypal co-founder Peter Thiel and Hyperfactory founder Derek Handley.

Cameron has some existing shareholders on board for the capital raising, and has also attracted "strong interest" from investors in Australia, the US and in Asia, he said.

Rather than rely on building its own distribution network, Booktrack is negotiating with some major players to sell a licence to integrate its service on other platforms in a bid to grab a piece what Cameron says is a US$20 billion market.

"The challenge for the entertainment dollar is very high," he said.

The company wants to build on its first-mover advantage in what is seen as adding premium content to reading an e-book.

Cameron says the "potential for upside is very, very high" due to its low cost-base and the company has the opportunity to become "highly profitable."

More than a quarter of people who try Booktrack's application on Apple's iPhone and iPad end up buying it, Cameron said. Each soundtrack costs on average $2, according to the company's website.

Booktrack is focusing its sales in New York and London, where the major publishing houses are based, though once its product is on a digital platform it has global reach, he said.

The company's audio is created in Wellington at Peter Jackson's Park Road Production, while its software development is based in Auckland's North Shore.

Cameron said the company has no plans to shift its research and development base from New Zealand.

Booktrack has received government funding of almost $700,000 over the past two years through the soon-to-be-defunct Ministry of Science and Innovation. It has also had support from New Zealand Trade & Enterprise.

(BusinessDesk)

Add a comment

Bookmark and Share

News

A summer ‘gift’ for your boatie

19 Dec 2014 News
Helping your friends and family stay safe on the water this holiday season is the gift that lasts a lifetime, Associate Transport... more

Consultation starts on ACC rates for free doctors’ visits

19 Dec 2014 News
Health Minister Jonathan Coleman and ACC Minister Nikki Kaye say consultation starts today on ACC support towards free kids’... more

Business

NZ business confidence eases in December, still buoyant

19 Dec 2014 Business News
By Paul McBeth Dec. 19 (BusinessDesk) - New Zealand business confidence slipped in December, while staying largely upbeat, as... more

Xero's former chief revenue officer moves to Trade Me

19 Dec 2014 Business News
Article - BusinessDesk   Stuart McLean moves to Trade Me as Xero ditches chief revenue role By Suze Metherell Dec. 19 ... more

Living

New access system for Te Urewera

19 Dec 2014 Lifestyle
‘Hunters from throughout NZ and especially the North Island, will welcome the start of the new access system for Te... more

Fanzones for Auckland’s non-stop summer

19 Dec 2014 Lifestyle
Auckland will turn on a range of free activities this non-stop summer, with the Dick Smith NRL Auckland Nines Festival and Fanzone,... more

Property

Affordable housing development agreement signed

18 Dec 2014 Property
The Government has signed a development agreement for the construction of 237 homes as part of its affordable housing project on an... more

NZ weekly rents rise 5.3% in November, upward trend slowing

15 Dec 2014 Property
By Paul McBeth Dec. 15 (BusinessDesk) - Median national housing rents rose at an annual pace of 5.3 percent in November, slowing... more

Migration

Immigration rises to a fresh annual record

19 Dec 2014 Migration
Immigration rises to a fresh record, fuelled by returning kiwis, Indian students By Suze Metherell Dec. 19 (BusinessDesk) - New... more

UK pension service Britannia 'pauses' TV ads on FMA warning

19 Dec 2014 Migration
By Suze Metherell Dec. 19 (BusinessDesk) - Britannia Financial Services, a UK pension transfer agency whose advertisements feature... more

Travel

Air New Zealand takes out win on World's Top Ten Airlines

18 Dec 2014 Travel & Tourism
AirlineRatings.com has announced along with its Airline Excellence Awards its Top Ten airlines for 2015. Heading the list is... more

Tourism Holdings lifts annual profit forecast to $17 million

18 Dec 2014 Travel & Tourism
By Suze Metherell Dec. 18 (BusinessDesk) - Tourism Holdings, the biggest campervan rental company in Australia and New Zealand, has... more

Sport

Top local athletes to compete at Colgate Games in Wellington

19 Dec 2014 Sport
The Colgate Games, New Zealand’s biggest annual children’s track and field athletics event, will be held in... more

Badminton Names Bulk of Junior Team for Oceania Champs

19 Dec 2014 Sport
For a number of New Zealand’s brightest young Badminton prospects Christmas and the New Year holiday period just got a little... more

Columns

Gordon Campbell on the Pakistan schoolchildren killings

18 Dec 2014 Column
by Gordon Campbell The slaughter of the children in Pakistan is incomprehensibly awful. On the side, it has thrown a spotlight onto... more

Gordon Campbell on income inequality, and Christmas songs

12 Dec 2014 Column
Article - Gordon Campbell   Gordon Campbell on income inequality, and yo ho ho Christmas songs by Gordon Campbell As 2014... more

Kiwi Success

DreamCatchers launched in UK

18 Dec 2014 People
In association with Kea, The New Zealand High Commission and The New Zealand Society, Dream Catchers was launched at New Zealand House... more

Inspiring Stories :Young Kiwis Making a Difference

8 Dec 2014 People
Wellington, December 8th – At only 15 years old, Auckland student Hunter Williams is the youngest winner of the Inspiring... more

Recruitment

Job ads trending down, says ANZ survey

19 Dec 2014 Recruitment
By Fiona Rotherham Total job advertising has taken an end-of-year dip, falling 0.1 per cent in November after seasonal adjustments,... more

Scheme to fill hard-to-staff health jobs working

18 Dec 2014 Recruitment
Health Minister Jonathan Coleman says a scheme to fill hard-to-staff health roles is making a real difference to the career choices... more