Megaupload founder Kim Dotcom is hoping to raise $4.5 million for his new online music service, Baboom, by listing it on the Australian Stock Exchange by the end of the year. News of Dotcom’s plans come as he fights extradition to the US to face criminal charges related to Megaupload.
As The Music Network reports, Baboom, which will officially launch later this year, allows artists to upload their tracks for streaming and downloading, as well as sell tickets and merchandise.
Dotcom soft-launched the site back in January with a catalog featuring just one artist, himself. That same week the 39-year-old Finland native released his own album of EDM, ironically titled Good Times, and announced the launch of his own political party, dubbed the Megaparty.
If you’re looking to invest in Dotcom’s latest venture, the entrepreneur plans to issue 11.25 million shares at 40 cents each with a minimum investment of $20,000. Dotcom’s plans are outlined in a 41-page program issued to potential investors, in which he assures “labels and collecting societies they will be appropriately recompensed for all material used.”
“Baboom is entering a crowded market,” the program reads, “but by differentiating itself with key features such as lossless audio, in-depth artist profiling and backwards compatibility with legacy audio formats (through digital locker functionality) Baboom will usher in a new generation of streaming.”
