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Channel 4, which coordinates the £50 million innovation fund along with regional media development agencies, says its new investment “will help fund ongoing development on other mobile platforms and to establish a solid presence in the USA“. The size isn’t disclosed.
The announcement also bills radio technology firm UBC Media as “injecting cash”…
Though that injection comes in the form of the firm actually buying eight licences for AudioBoo’s nascent professional version, which offers longer recording time and enhanced clip aggregation, 4iP says the involvement of UBC, which counts many UK radio stations as clients, is significant, helping AudioBoo on sales and strategic support.
Announcement: “This will help to both finish the product and establish a strong industry relationship with the company.” 4iP tends to match-fund projects with other funding partners.
After developing video tools for the TV industry, AudioBoo developer BestBefore Media had been experimenting with further ideas before AudioBoo garnered affection amongst users, billed as a kind of “Twitter without the typing”.
But making it in to a business, which now must be BestBefore’s main consideration, is another consideration…
— Many media outlets have used AudioBoo to record clips, but sales of the pro version have as yet been slow, picked up by The Royal Opera House and UBC.
— AudioBoo is also hoping to move in to the content game, acquiring rights for audiobooks and more. But negotiating with big publishers will be difficult and transitioning the app from a recorder to a player something of a shift.
Is it indicative that AudioBoo has found new funds from 4iP, a supporter of grassroots experimental ideas, rather than from institutional VCs? It’s thought proper VC funding may still be on AudioBoo’s radar after this boost.
The service must also manage its media bandwidth. BestBefore CEO Mark Rock told me in August he plans to spin AudioBoo out in to a separate company. He recently courted U.S. digital executives on a Californian tour.