Booktrack seeks $3 mln to fund content creation, IP patents 15 Jun 2012
- UK Olympics Infrastructure Lessons Shared with NZ Leaders News
- Cavalier's annual profit falls 13% Business
- MARKET CLOSE: NZ shares rise; Sky TV gains on earnings Business
- INXS Kicks in the TV Ratings, Tops the NZ Album Charts Living
- NZ dollar heads for 0.9% weekly drop before Jackson Hole Business
- Is Warrant-less Spying on New Zealanders Lawful? News
- UPDATE: Tower's minimum solvency reduced as claims progress Business
- Seeka more than doubles 1H profit on Opac sale gains Business
- UPDATE: Sky TV annual profit rises 21%, beating estimates Business
- Broadband customers reap benefits ahead of price cut: Spark 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.
22 Aug 2014 News
Education Minister Hekia Parata has today welcomed an agreement with the union representing around 18,000 secondary school teachers... more
22 Aug 2014 Business News
Tower's minimum solvency reduced as Canterbury claims progress Aug. 22 (BusinessDesk) - Tower's minimum solvency margin has been ... more
20 Aug 2014 Business News
By Tina Morrison Aug. 20 (BusinessDesk) - Airways Corp. of New Zealand expects to boost profit 27 percent this year, after missing... more
22 Aug 2014 Entertainment
Mediaworks MEDIA RELEASEFOR IMMEDIATE RELEASE Friday 22 August, 2014 INXS Kicks in the TV Ratings, Tops the NZ Album ... 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
19 Aug 2014 Travel & Tourism
Auckland has again been ranked the tenth most liveable city in the world. The Economist Intelligence Unit (EIU) has released its... more
22 Aug 2014 Rugby
Richie McCaw has compared the build-up to tomorrow's Bledisloe Cup test to the one which came following the All Blacks' thrashing at... more
19 Aug 2014 Opinion
Opinion - Martin Doyle Martin Doyle Cartoon: Doing Justice to the Election Given the dirty politics that have been exposed in... 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