Booktrack seeks $3 mln to fund content creation, IP patents 15 Jun 2012
- NZ dollar extends decline after China lowers yuan fixing Business
- Online history tells story of government at war News
- Ike GPS shares jump 33% on 2017 breakeven forecast Business
- NZ labour market reasonably robust Business
- Weldon's bet was 'highest-risk strategy' Business
- NZ commodity prices fall in April Business
- Auckland housing market 'restrained' as April sales fall Business
- Hirepool may be 'dusted off' for a trade sale Business
- New agreement strengthens management of .nz domain name News
- Strong support for new ICT Graduate School in Wellington 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.
28 Apr 2016 News
New Zealand Government Hon Amy AdamsMinister for Communications 28 April 2016 More than 200 top business people will join... more
28 Apr 2016 Business News
Article - BusinessDesk Landmark EQC settlement agrees it must repair homes to 'when new' state By Sophie Boot April 28 ... more
4 May 2016 Entertainment
Fresh from their sold-out touring season with the NZ Festival in March 2016, the award-winning Modern Maori Quartet has booked a four... more
25 Apr 2016 ANZAC
You could be forgiven for assuming that the first ever ANZAC Day was commemorated in Australia or New Zealand. In fact, it was on this... more
28 Apr 2016 Property
New Zealand Government Hon Dr Nick Smith Minister for Building and Housing 28 April 2016 Changes to KiwiSaver withdrawal rules... more
27 Apr 2016 Property
Article - BusinessDesk House-sharing offer aims to get Aucklanders on property ladder By Fiona Rotherham April 27 (BusinessDesk) -... more
30 Mar 2016 Migration
British High Commissioner Jonathan Sinclair is defending changes to skilled migrant rules for Britain but suggests they won't affect... more
11 Mar 2016 Travel & Tourism
Article - BusinessDesk Air New Zealand to revenue share with United in NZ-US routes By Paul McBeth March 11 (BusinessDesk) -... more
28 Apr 2016 Rugby League
New Zealand Rugby League Thursday, April 28, 2016Sleepless Nights for Ferns Selectors Akarana second row Annetta Nuuausala is ... more
28 Apr 2016 Sailing
Yachting New Nealand NZL takes early lead in three events at Sailing World Cup Hyeres The NZL Sailing Team has made a strong start... more
28 Apr 2016 Opinion
Gordon Campbell on Trump and the Madman Theory Years ago, Richard Nixon explained to his chief adviser Bob Haldeman what has since... more
27 Apr 2016 Opinion
Gordon Campbell on Kiwirail’s latest stint in the dogbox The denigration of Kiwirail continues. The latest review (based on a ... more
28 Apr 2016 Appointments
University of Otago University of Otago appoints next Dean of Pharmacy A leading researcher from Canada has been appointed as the... more
10 Mar 2016 Recruitment
New Zealand Government Hon Michael Woodhouse Minister for Workplace Relations and Safety 10 March 2016 Zero-hour contracts gone, PPL... more