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UBC Media seeks AudioBoo investors UBC Media seeks AudioBoo investors
(5 months later)
UBC Media is in talks with a number of US-based venture capital companies about investing in AudioBoo, in a funding round that could potentially value the audio social network at more than £10m.UBC Media is in talks with a number of US-based venture capital companies about investing in AudioBoo, in a funding round that could potentially value the audio social network at more than £10m.
UBC, which is the largest shareholder in AudioBoo with a 37% stake, has appointed Pagemill Partners of Palo Alto, California to lead the fundraising round.UBC, which is the largest shareholder in AudioBoo with a 37% stake, has appointed Pagemill Partners of Palo Alto, California to lead the fundraising round.
In a statement UBC said that the latest round of fundraising – which if it successful will mean AudioBoo will be worth significantly more than the £2m it was valued at following the last round of investment – will involve bringing on board a new lead investor.In a statement UBC said that the latest round of fundraising – which if it successful will mean AudioBoo will be worth significantly more than the £2m it was valued at following the last round of investment – will involve bringing on board a new lead investor.
This means UBC Media will reduce its stake, although it is understood the company has no intention of selling up entirely, but it is not clear if it will remain the largest shareholder following the conclusion of the fundraising round.This means UBC Media will reduce its stake, although it is understood the company has no intention of selling up entirely, but it is not clear if it will remain the largest shareholder following the conclusion of the fundraising round.
In a statement to the stockmarket, UBC Media said AudioBoo is going through a period of "rapid growth" with active users quadrupling to 4.4 million year on year in the six months to the end of March, with "listens" per month more than doubling to 8.2m.In a statement to the stockmarket, UBC Media said AudioBoo is going through a period of "rapid growth" with active users quadrupling to 4.4 million year on year in the six months to the end of March, with "listens" per month more than doubling to 8.2m.
In addition, Imagination, the British technology company that counts Apple and Intel as shareholders, has upped its stake in UBC Media from 10% to potentially 15%.In addition, Imagination, the British technology company that counts Apple and Intel as shareholders, has upped its stake in UBC Media from 10% to potentially 15%.
To reach the 15% control mark, Imagination, which owns the Pure radio brand and also holds a stake in music service 7Digital, has to fulfill certain "commercial conditions" this year in relation to projects it is working on with UBC.To reach the 15% control mark, Imagination, which owns the Pure radio brand and also holds a stake in music service 7Digital, has to fulfill certain "commercial conditions" this year in relation to projects it is working on with UBC.
UBC, which supplies multimedia content to the BBC and 250 commercial radio stations, said its interactive division has also signed the first overseas deal for internet radio service RadioPlayer.UBC, which supplies multimedia content to the BBC and 250 commercial radio stations, said its interactive division has also signed the first overseas deal for internet radio service RadioPlayer.
The service, which in the UK is backed by the BBC and the commercial radio industry, has been licensed to Digitalradio Norge, the body representing radio broadcasters in Norway.The service, which in the UK is backed by the BBC and the commercial radio industry, has been licensed to Digitalradio Norge, the body representing radio broadcasters in Norway.
UBC said in that it expects turnover to by up 17% year on year to £3.8m in the 12 months to the end of March. However, operating losses are expected to be about £600,000, a 20% increase year on year.UBC said in that it expects turnover to by up 17% year on year to £3.8m in the 12 months to the end of March. However, operating losses are expected to be about £600,000, a 20% increase year on year.
"The progress in our domestic and international business with Radioplayer and the growth at AudioBoo are exciting developments and put us at the heart of the way the radio industry is creating its digital future," said Simon Cole, chief executive of UBC. "I'm pleased that our progress in these areas, and our commercial partnerships with Imagination, have led to them becoming more significant shareholders. There is much we can achieve together"."The progress in our domestic and international business with Radioplayer and the growth at AudioBoo are exciting developments and put us at the heart of the way the radio industry is creating its digital future," said Simon Cole, chief executive of UBC. "I'm pleased that our progress in these areas, and our commercial partnerships with Imagination, have led to them becoming more significant shareholders. There is much we can achieve together".
The AIM-listed UBC has a market capitalisation of about £5m.The AIM-listed UBC has a market capitalisation of about £5m.
Earlier this month, AudioBoo founder Mark Rock announced that he is to leave the company on 1 May after "internal tensions", but that he will remain a significant shareholder with a seat on the board.Earlier this month, AudioBoo founder Mark Rock announced that he is to leave the company on 1 May after "internal tensions", but that he will remain a significant shareholder with a seat on the board.
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