14 DAY TRIAL // Kim Dotcom has decided to cut his ties to Baboom, the music service he helped create, mainly for the good of the streaming service.
“Good bye @Baboom. I was holing u back. The music industry hates me. You’ll do better without me. Good luck my love,” wrote Dotcom on Twitter.
The service has been available to a limited number of people in beta format and is supposed to launch early next year. Before the big event, however, Dotcom has decided to say good bye, so the Baboom name is no longer connected to his, something the millionaire believed to be detrimental for the service.
Dotcom had a 45 percent shareholding in Baboom via his family trust. Now the entire slice of the company was sold to VIG.
“The transaction means Dotcom no longer has any equity or role in Baboom, nor any relationship with the company. Kim is moving on to focus on other projects and both camps with each other well with future plans,” said Baboom chief executive Grant Edmundson.
Baboom is currently trying to raise A$4.5 million ($3.95 million / €3.13 million) and wants to apply to list on the Australian Securities Exchange by the end of the year.
Baboom, Dotcom's idea
Baboom was presented by Dotcom as a combination of Spotify and iTunes. The service brings, however, a better looking interface, which they pride in. “Baboom’s distinctive design is a world away from the cookie-cutter streaming music services. The platform will be open to artists of all kinds, will support high-quality FLAC files, faster downloads and analytics that have artists connect with fans around the world,” said Edmundson.
The platform puts artists and labels in charge and gives fans a chance to experience it in a nice environment. “Baboom wants to surface the hottest new material from under-the-radar acts, and provide the best experience for established artists.”
Dotcom has been a part of Baboom from the start, coming up with the initial idea. He then went on to invest quite a bit of money into helping it get started and it was the place he launched his latest music album on.
The mogul’s name, however, has been dragged through the mud on a series of legal cases. Megaupload has been shut down following the famous raid from early 2012, when many of his assets were also seized. His extradition hearing has been postponed several times so far, as the US tries to get New Zealand to hand him over to face trial.
Good bye @Baboom. I was holding u back. The music industry hates me. You'll do better without me. Good luck my love. http://t.co/eByCsUizmR
— Kim Dotcom (@KimDotcom) October 2, 2014