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

Singapore-NZ Defence relationship celebrated

18 Jan 2017 News
16 JANUARY, 2017New Zealand and Singapore’s Defence Ministers Gerry Brownlee and Dr Ng Eng Hen today observed Exercise Thunder... more

Earthquake hit farmers to be offered movable homes

18 Jan 2017 News
18 JANUARY, 2017Twenty temporary housing units at the Rawhiti Domain used to support families through the Christchurch earthquakes are... more

Business

Korean FTA delivers new round of tariff cuts

18 Jan 2017 Business News
8 JANUARY, 2017More local businesses looking to expand into Korea will benefit from the latest round of tariff reductions under the... more

Solid growth for NZ despite fragile world economy

26 Dec 2016 Business News
The New Zealand economy continued to grow solidly in the September quarter, posting a higher than expected 1.1 per cent growth rate... more

Living

3rd Position, Louis Vuitton America’s Cup World Series

21 Nov 2016 Lifestyle
Emirates Team New Zealand EMIRATES TEAM NEW ZEALAND CLOSES IN 3rd POSITION THE LOUIS VUITTON AMERICA’S CUP WORLD SERIES more

Arts Foundation Award recipients for 2016

14 Nov 2016 Lifestyle
The Arts Foundation Next generation of internationally acclaimed talent among the Arts Foundation Award recipients for 2016Under ... more

Property

NZ house prices gain 11% in October

14 Nov 2016 Property
Article - BusinessDesk Monday 14 November 2016 10:28 AM NZ house prices gain 11% in October, driven by sales of higher value homes By... more

RBNZ sees pressures building in Auckland construction sector

11 Nov 2016 Property By Paul McBeth
Article - BusinessDesk Thursday 10 November 2016 04:04 PM RBNZ sees pressures building in Auckland construction sector By Paul ... more

Migration

Good progress on investment attraction strategy

8 Dec 2016 Migration
Economic Development Minister Steven Joyce has welcomed news that New Zealand is attracting a higher level of quality international... more

Changes to Financial Markets Conduct Act impact UK pension transfers

1 Nov 2016 Migration
New Zealand Government Hon Paul GoldsmithMinister of Commerce and Consumer Affairs 1 November 2016 Changes to Financial Markets... more

Travel

Tourism spending strong ahead of summer season

18 Jan 2017 Travel & Tourism
12 JANUARY, 2017Tourism spending continued to grow throughout most regions in the year to November 2016, providing a solid base ahead... more

Work on $700m Puhoi road underway

8 Dec 2016 Travel & Tourism
Hon. Simon Bridges 8 December, 2016 Prime Minister John Key and Transport Minister Simon Bridges have turned the sod on th... more

Sport

Counties Manukau claim double victories at 2017 Bayleys National Sevens

18 Jan 2017 Rugby
15 January 2017 Counties Manukau are national sevens rugby champions.  In a stunning double effort, Counties Manukau have been... more

WHITE FERNS in form as competitions heat up

18 Jan 2017 Cricket
Posted Tuesday, 17 January, 2017 in International NewsNew Zealand’s WHITE FERNS are already showing Australia how it’s... more

Columns

Gordon Campbell on the Gareth Morgan crusade

11 Nov 2016 Opinion
Column - Gordon Campbell   Gordon Campbell on the Gareth Morgan crusade First published on Werewolf more

Gordon Campbell on the US election outcome

10 Nov 2016 Opinion
Column - Gordon Campbell   Gordon Campbell on the US election outcome more

Kiwi Success

High Commissioner to India announced

8 Dec 2016 Appointments
Hon. Murray McCully 7 December, 2016 High Commissioner to India announced Foreign Minister Murray McCully today... more

Acting District Court Judge appointed

11 Nov 2016 Appointments
New Zealand Government Hon Christopher FinlaysonAttorney-General 11 November 2016 Acting District Court Judge appointed Wellington... more

Recruitment

NZ Government accepts recommendations on pay equity

8 Dec 2016 Recruitment
Hon. Paula Bennett,  Hon. Michael Woodhouse, Hon. Louise Upston 24 November, 2016 The Government will update the Equa... more

Fisher Funds hunts for new head to replace founder

2 Nov 2016 Recruitment
Article - BusinessDesk Tuesday 01 November 2016 04:42 PM Fisher Funds hunts for new head to replace founder Carmel Fisher By Paul ... more

s