Booktrack seeks $3 mln to fund content creation, IP patents 15 Jun 2012
- NZ Super Fund returns 13.89% in 2014, warns that may wane Business
- MARKET CLOSE: NZ shares rise; Heartland gains on profit lift Business
- NZ dollar drops vs. Australian dollar after inflation data Business
- Hunter fined for illegal dog-tracking devices Living
- Spark director Maury Leyland to resign next month Business
- NZ govt to spend $650M on school upgrades, repairs in 2015 Business
- UPDATE: FMA, NZX sign MOU for market oversight Business
- NZ to begin selldown of state housing, expand subsidies: Key Business
- Auckland Council hires PwC's Suzanne Tindal as CFO Business
- Cisco NZ sales creep up in 2014 Business
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.
25 Jan 2015 News
Treena Ruwhiu is already well known to many Rangi girls and families as she has been a senior and much respected member of the... more
26 Jan 2015 Environment
A series of photographs taken over 10 years has revealed the dramatic changes to one of New Zealand's most famous glaciers. The Massey... more
26 Jan 2015 Business News
By Paul McBeth Jan. 26 (BusinessDesk) - New Zealand shares rose to a new record close as holidays in Auckland and Australia kept... more
26 Jan 2015 Arts
Local entries into an international photo competition for young people to mark World Wetland Day are encouraged by Hawke’s Bay... more
23 Jan 2015 Property
NZ expert sees factors behind Irish house crash happening here. Precisely the same factors that plunged Ireland into its housing... more
23 Jan 2015 Migration
Newcomer settlement support agency Auckland Regional Migrant Services (ARMS) is kick-starting the New Year with the return of its ... more
23 Jan 2015 NZ Tourism
Need some inspiration for the year ahead? Here are some brilliant things to do around the country. 1. Crankworx The world's... more
26 Jan 2015 Equestrian
Primary Industries Minister Nathan Guy has welcomed a fourth primary industry to the GIA partnership today. The New Zealand Equine... more
23 Jan 2015 Column
So the US has been holding talks in London this week with its 21 coalition allies, on how best to co-ordinate the military response... more
22 Jan 2015 Column
Column - Gordon Campbell Gordon Campbell on the election in Greece, and EU turmoil The election in Greece on Sunday –... more
16 Jan 2015 People
Science and Innovation Minister Steven Joyce has welcomed the news that Kiwi scientist Dr Phil Rolston has been awarded the Chinese ... more
23 Jan 2015 Recruitment
By Fiona Rotherham Jan. 23 (BusinessDesk) - Mike Pohio, chief executive of Tainui Group Holdings, has resigned after eight years at... more
22 Jan 2015 Recruitment
By Suze Metherell Jan. 22 (BusinessDesk) - Activity in New Zealand's manufacturing sector rose last month to its highest level in a... more