Kim Dotcom wants to bring streaming music service Baboom to the stock exchange

Kim Dotcom is trying to find investors who want to put money into the streaming music service Baboom. Dotcom hopes to raise at least 3 million euros with a stock exchange listing. The service should become publicly available in beta in a few months.

To persuade potential investors, Baboom has released a prospectus detailing the service’s future plans. Baboom wants to be a gathering place where artists can offer music for free, but also sell it. They are also given the space to sell concerts and merchandising and the service must also be linked to social network services.

Visitors to Baboom can use the streaming music service free of charge, where they are presented with advertisements. In addition, they receive 50GB of cloud storage for securing their own music tracks. This cyberlocker function would be easy to access via mobile as well as on laptops and desktops and partly relies on the technology of Mega, the cloud storage service that was introduced as a successor to Megaupload.

According to the prospectus, Baboom, which should be widely available as a public beta in a few months, uses p2p technology for streaming music. In addition, Baboom will use flac, an open source lossless compression format for music.

Baboom says that he initially wants to focus on markets where piracy is rampant. However, the company admits that the chance is very small that the major music labels, with which Kim Dotcom has been at odds for years, will conclude licensing deals with Baboom. The start-up therefore states that it primarily focuses on independent artists. Furthermore, Baboom claims that she has already received a lot of positive feedback from indie labels, which would make enough interesting content available.