Kim Dotcom’s Baboom to list on Australian Stock Exchange

Tech entrepreneur Kim Dotcom hopes to raise $4.5 million for his online music service Baboom by listing it on the Australian Stock Exchange by the end of the year.

Baboom, to be officially launched late 2014, allows artists to upload their tracks to stream and download and sell tickets and merchandise. Dotcom gave Baboom a soft launch on January 20 with just one artist gracing the website, himself. The same week the 39-year-old released an EDM album, Good Times, and revealed he’d launched his own political party, appositely titled Megaparty.

Plans are to issue up to 11.25 million shares at 40 cents each with a minimum investment of $20,000. Dotcom pitched the plans in a 41-page program issued to potential investors.

“Baboom is entering a crowded market, 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,” reads the prospectus.

Kim Dotcom is based in New Zealand while he fights extradition moves to the United States to face criminal and civil copyright infringement charges from his previous cloud storage website Megaupload. The program distributed to buyers even acknowledges Dotcom’s legal history stating “Baboom intends to assure labels and collecting societies they will be appropriately recompensed for all material used,” and naming entertainment lawyer Grant Edmundson as its Chief Executive.