Booktrack seeks $3 mln to fund content creation, IP patents 15 Jun 2012
- Fonterra suspends Jiawai distribution agreement Business
- UPDATE: Pumpkin Patch appoints administrators as sales fall Business
- Westland Milk Products chair to step down Business
- Restaurant Brands to pay US$105M for Hawaiian chain Business
- Comvita warns of first half loss on China regulatory changes Business
- Formal partial takeover offer of Airwork mooted Business
- Skellerup projects 2017 profit to rise as much as 7% Business
- Pumpkin Patch tipped into receivership Business
- Technology making life easier for beneficiaries News
- Landcorp Farming forecasts wider annual loss, no dividend 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.
23 Oct 2016 News
New Zealand Government Hon Simon Bridges Minister of Energy and Resources 23 October 2016 Media Statement Bridges to attend... more
12 Oct 2016 News
New Zealand Government Hon Anne TolleyMinister for Social Development 12 October 2016 $4.2 million Community Finance boost to... more
18 Oct 2016 Business News
Article - BusinessDesk Tuesday 18 October 2016 11:00 AM NZ inflation slows to 0.2% pace in third quarter, beating estimates, as... more
18 Oct 2016 Lifestyle
818 Entertainment KIWIS GET FIRST PEEK AT THE ALL NEW BLONDINI GANG WITH RELEASE OF OFFICIAL PORK PIE TRAILER more
12 Oct 2016 Lifestyle
NZSO 12 October 2016 - NZSO media release for immediate release NZSO welcomes Dutch piano virtuoso Ronald Brautigam to NZ The NZSO... more
12 Oct 2016 Property
Article - BusinessDesk Wednesday 12 October 2016 08:19 AM Auckland development blowouts reminiscent of run up to GFC: KPMG's ... more
3 Aug 2016 Property
Wednesday 03 August 2016 10:30 AM Auckland house prices are stabilising, may have plateaued, Barfoot says Aug. 3 (BusinessDesk) -... more
21 Oct 2016 Migration
Article - BusinessDesk Friday 21 October 2016 11:23 AM NZ migration, tourism hits new highs in September, driven by record... more
11 Oct 2016 Migration
Article - BusinessDesk Tuesday 11 October 2016 03:13 PM UPDATE: Immigration policy tweaks capture senior executive migrants (Recasts ... more
12 Oct 2016 Travel & Tourism
Article - BusinessDesk Wednesday 12 October 2016 05:25 PM Air NZ sells remaining stake in Virgin Australia Oct. 12 (BusinessDesk) -... more
12 Oct 2016 NZ Tourism
12 October 2016 International visitor guest nights have risen by more than 13 per cent, and eleven of our twelve... more
24 Oct 2016 Rugby
The Black Ferns have continued their trans-Tasman superiority, crushing the Wallaroos 67-3 at Eden Park. In a dominant display the... more
24 Oct 2016 Rugby
New Zealand’s rugby community is mourning the loss of former All Black Wally Argus, who passed away this week in... more
18 Oct 2016 Opinion
Column - Gordon Campbell Gordon Campbell on plastic bag activism, and street harassment
11 Oct 2016 Opinion
Gordon Campbell on how the political centre is a mirage First published on Werewolf more
21 Oct 2016 Appointments
New Zealand GovernmentHon Steven Joyce Minister for Tertiary Education, Skills and Employment 21 October 2016 Appointments to... more
19 Oct 2016 Recruitment
Article - BusinessDesk Wednesday 19 October 2016 09:09 AM AWF Madison buys Absolute IT for $15.3mn, expanding further into white... more