Booktrack seeks $3 mln to fund content creation, IP patents   15 Jun 2012

Article - BusinessDesk

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.

(BusinessDesk)

Add a comment

Bookmark and Share

News

Nurses urge action on climate change

28 Nov 2014 News
New Zealand Nurses Organisation Nurses urge action on climate change Nurses commenting on a Special Article published today in the... more

Awards put spotlight on location innovation

28 Nov 2014 News
The limitless potential of location information, and the innovative people working at its forefront, took centre stage last night at... more

Business

Lambskin prices slump

28 Nov 2014 Business News
By Tina Morrison Nov. 28 (BusinessDesk) - Global lambskin prices have collapsed from the first quarter's record highs, as a Chinese... more

China's tannery crackdown, Russian sanctions dent lambskin

28 Nov 2010 Business News
By Tina Morrison Nov. 28 (BusinessDesk) - Global lambskin prices have collapsed from the first quarter's record highs, as a Chinese... more

Living

Chase & Status to Join Netsky at Lake Hawea Hotel

28 Nov 2014 Entertainment
Rhythm Group Rhythm Group Entertainment is excited to announce that Chase an... more

Charles Bradley And His Extraordinaires Announce NZ Sideshow

28 Nov 2014 Lifestyle
Bluesfest Bluesfest Touring are thrilled to confirm yet another series of fantastic New Zealand sideshows, adding to the array of... more

Property

Encouraging growth in latest building consent data

28 Nov 2014 Property
Building and Housing Minister Dr Nick Smith today welcomed the latest release of figures from Statistics New Zealand which shows the... more

NZ house building consents bounce back in October

28 Nov 2014 Property
By Paul McBeth Nov. 28 (BusinessDesk) - New Zealand house building consents rose at their fastest monthly pace in more than two... more

Migration

Minister to attend the OECD Forum on migration

28 Nov 2014 Migration
Immigration Minister Michael Woodhouse will travel to Paris tomorrow to represent the New Zealand Government at the Organisation for... more

High Commissioner to Fiji reinstated

28 Nov 2014 Migration
Foreign Minister Murray McCully has announced the reinstatement of New Zealand’s High Commissioner to Fiji. “New ... more

Travel

More Customs officers in time for Christmas

28 Nov 2014 Travel & Tourism
Customs Minister Nicky Wagner congratulates the twenty seven new Customs officers who are graduating in Auckland today, in time to ... more

Doubling of flights between NZ and China

26 Nov 2014 Travel & Tourism
New Zealand Government Flights between New Zealand and China are set to double under amended air services arrangements, says ... more

Sport

ARL launches NCEA match official initiative

28 Nov 2014 Rugby League
Auckland Rugby League The Auckland Rugby League has today announced a new initiative which will see students able to gain NCEA... more

Black Sox named for Oceania qualifier

27 Nov 2014 Sport
Hard work has been rewarded in the naming of the Golden Homes Black Sox softball team for next month’s ISF Oceania Qualifying ... more

Columns

Gordon Campbell on Andrew Little, Mockingjay & drunk texting

28 Nov 2014 Opinion
Column - Gordon Campbell   Gordon Campbell on Andrew Little’s debut, Mockingjay, and drunk texting by Gordon ... more

Gordon Campbell: govt arrogance, Ferguson & Police pursuits

27 Nov 2014 Opinion By Gordon Campbell
As anyone who’s ever encountered him around Parliament will verify, Chris Finlayson’s arrogance is matched only by his... more

Kiwi Success

UK Police return soldier's lost medals to family in New Zealand

28 Nov 2014 People
Police in Southport have reunited war medals belonging to a local soldier with his surviving family 12,000 miles away in New Zealand.... more

Scientist wins major American geological award

28 Nov 2014 People
University of Canterbury’s Associate Professor Mark Quigley is the first scientist outside North America to win the Geological... more

Recruitment

Lincoln IT day installs interest in pupils

28 Nov 2014 Recruitment
The robots might not match the Terminator but it was hoped the students controlling them might one day use the catchphrase... more

Joyce to attend Sydney job fair

28 Nov 2014 Recruitment
Economic Development Minister Steven Joyce will travel to Sydney on Sunday morning to attend the New Zealand job fair. The Sydney... more