Booktrack seeks $3 mln to fund content creation, IP patents 15 Jun 2012
- Lyttelton Port board backs council takeover proposal Business
- MARKET CLOSE: NZ shares fall, led by MRP, Meridian Business
- NZ dollar rises as terms of trade hold at 40-year high Business
- Majic Claims the August Wildcard Chart Living
- Gentrack secures delayed contract, shares rise to month high Business
- ‘Best trumpet player in the galaxy’ returns Living
- MTV Australia And New Zealand Launches MTV Likes Living
- Datacom boosts profit 43% on strong NZ growth Business
- Unique Ukulele Building Workshop on Offer in Auckland News
- PhD candidate Jack Pronger awarded Top Achiever Scholarship News
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.
1 Sep 2014 Politics
Roy Morgan Research The Worm turns down for John Key The Roy Morgan Reactor is back! John Key struggled to coax The Worm above the... more
1 Sep 2014 Business News
Article - BusinessDesk NZ terms of trade sets new 40-year high as cheaper imports offset falling exports Sept. 1... more
29 Aug 2014 Business News
Fonterra credit rating cut by S&P over Beingmate deal, Fitch affirms rating Aug. 29 (BusinessDesk) - Fonterra Cooperative... more
1 Sep 2014 Lifestyle
NZ Symphony Orchestra 1 September 2014 - NZSO Media Release for immediate release The ‘best trumpet player in the ... more
29 Aug 2014 Lifestyle
Aarhus Festival Death Lines - a Memento Mori Collection Performances from five cities around the world –... more
14 Aug 2014 Property
New Zealand house sales fell in July as winter cooled the appetite of house hunters while a drop in properties selling for $400,000... more
7 Aug 2014 Property
Aug. 7 (BusinessDesk) - New Zealand property values rose at the slowest annual pace in 13 months in July as rising interest rates,... more
20 Aug 2014 Migration
Statistics NZ puts out detailed data on different ethnic groups, down to the 108 people from the Isle of Man. Did you know there are... more
28 Aug 2014 Travel & Tourism
Aug. 28 (BusinessDesk) - Jetstar, the discount unit of Australian airline Qantas Airways, lost ground in New Zealand, while claiming... more
1 Sep 2014 World Rowing Championships
The New Zealand Rowing Team has wrapped up a successful campaign in Amsterdam at the 2014 edition of the World Rowing... more
1 Sep 2014 Opinion
Gordon Campbell on John Key’s ‘blame it on Judith’ strategy Right now, Prime Minister John Key seems intent... more
29 Aug 2014 Column
As regular readers of this column already know, I am a bit of a fan when it comes to change. Evaluating your life, deciding how you... more
20 Aug 2014 People
We're expecting big things from Harman Grubisa, the new label from Auckland-based friends Madeleine Harman (right) and Jessica... more
22 Aug 2014 Recruitment
The loss of up to 100 jobs at Croxley stationery in Auckland is devastating news for their families and the local Avondale... more