Booktrack seeks $3 mln to fund content creation, IP patents 15 Jun 2012
- MARKET CLOSE: NZ shares rise, led by A2, Spark rebounds Business
- HomeStart package for 90,000 first home buyers News
- Scion follows Flirtey in trialling new drone technologies Business
- MYOB IPO and ASX listing unlikely to weigh on Xero: ForBarr Business
- RESEND: Datacom wins A$242M Australian health contract Business
- Datacom wins $242M Australian federal health IT contract Business
- F&P Finance mulls future of Equipment Finance unit Business
- Estère releases 'I Spy' remix and April Tour Dates Living
- NZ property values rise at fastest pace in 9 months in March Business
- Diligent names Brian Stafford as CEO, replacing Sodi 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.
26 Mar 2015 News
Legislation modernising rules applying to Royal succession to the throne came into force today in New Zealand and in the 16 Realms... more
31 Mar 2015 Business News
March 31 (BusinessDesk) - The government is floating the idea of businesses paying their tax on a pay-as-you-go (PAYE) basis, like... more
30 Mar 2015 Business News
March 30 (BusinessDesk) - Mark Powell will step down as chief executive of Warehouse Group by February 2016 after 14 years, the last... more
13 Mar 2015 Lifestyle
Fusing light, music, mobile and one of Auckland’s most recognisable landmarks together – 2degrees launched another Kiwi... more
12 Mar 2015 Property
NZ house prices rise 3.6% in February, led by a 14% jump in Auckland prices March 12 (BusinessDesk) - New Zealand residential... more
2 Mar 2015 Migration
Prime Minister John Key says he is not aware of any suspected war criminals from the former Yugoslavia in New Zealand. The claim that... more
17 Mar 2015 Travel & Tourism
Associate Transport Minister Craig Foss is welcoming a move by the rental vehicle industry to establish a Code of Best Practice to... more
6 Mar 2015 Travel & Tourism
Sustainable workforce solutions were at the centre of discussions between Government Ministers and tourism industry representatives... more
31 Mar 2015 Cricket
The team was chosen by a select group of experts who were given the task of picking a balanced side on the basis of performances in... more
30 Mar 2015 Opinion
Column - Gordon Campbell Gordon Campbell on the Northland by-election Supposedly, Winston Peters’ victory in Northland... more
28 Mar 2015 Opinion
Former New Zealand captain says the team will be focusing on enjoying themselves, knowing they are part of something that will be the... more
18 Mar 2015 Appointments
Tower names Seniors Money's Brett Wilson as CFO, replacing Boggs March 18 (BusinessDesk) - Tower, the listed general insurer,... more
6 Mar 2015 People
Glassjar, the kiwi software start-up whose app provides people an easy way of sharing bills, has launched in the United States. The... more
26 Mar 2015 Recruitment
Workplace Relations and Safety Minister Michael Woodhouse today announced a package of measures to strengthen enforcement of minimum... more
20 Mar 2015 Recruitment
RESEND: Warehouse says 63% of permanent staff now on 'career retailer wage' (Fixes fourth paragraph to show Warehouse is... more