Dotcom plans to list music service on ASX

Summary:The Baboom music service run by Kim Dotcom plans to list on the ASX before the end of 2014.

Controversial internet entrepreneur Kim Dotcom has unveiled plans to list his Baboom music service on the ASX by the end of the year.

Dotcom hopes to raise AU$4.5 million, according to a 41-page prospectus distributed to potential investors and published on Baboom's website.

The service is billed as a hybrid of music downloading services such as Apple's iTunes and Google's Play store, and streaming services such as Spotify.

It also borrows features from the original MySpace, with artists able to establish profile pages and upload their music for fans to download. They can also sell tickets and merchandise on the site.

Visitors will be able to earn credits for free music by watching ads, and can store their existing music collections in Baboom's 50GB digital lockers.

German-born Dotcom, 40, is living in exile in New Zealand. He is wanted in the US on copyright infringement charges related to the now defunct file-sharing website Megaupload, which he founded in 2005.

Baboom's prospectus acknowledges his "heritage", saying some users and musicians might shy away from the service. It attempts to allay such fears saying Baboom will pay musicians and labels for any material used on the site.

A draft version of the service first appeared in January featuring a single artist: Dotcom himself.

Topics: Start-Ups, New Zealand

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