iMusic targets B60m sales

       Fledgling music business iMusic Intelligence Melody plans to spend 15 million baht to launch itself locally in a bid to generate 60 million in sales next year.
       The firm, which was established last January with registered capital of 2 million baht, plans to list on the Market for Alternative Investment by 2014, said CEO Pawadol Kliewakradet.
       Content provider IM2 Co has a 70%stake in the firm with the remaining 30% held by individuals.
       iMusic sees high growth potential in local digital music downloads, he said.
       "We have strength as our major shareholder is a content provider. We believe our innovative product -4 Smart Convergence (All-in-one CD), which consists of audio files and other data such as MP3s, music videos and wallpaper, will attract customers, particularly teenagers," he said.
       The company this year has set a gross margin target of about 15%.
       Its "Real Time Monitoring System"targets composers, artists and producers,allowing them to monitor sales online.
       The increasing threat from piracy has prompted major players such as GMM Grammy and RS to focus on the digital music segment.
       The total digital music market is estimated at about 55 billion baht, he said.Grammy is the market leader with a 56% share, followed by RS with 26%.
       iMusic said its all-in-one CD will be priced at 99 baht. Affordability will be a a key driver of future growth, he said.
       "I strongly believe that it [the product]is value for money and meets customer needs as well. We also have quality artists and celebrities to join with our company,"he said.
       One of iMusic's first two artists is MR Mannarumas Yukol, niece of the famous film director M.C. Chatreechalerm Yukol.
       The firm expects digital content to account for 40% or revenue, management fees 35% and all-in-one CDs 25%.
       4-smart convergence will grow to 50%of revenue in the future, said Roongroj Tochanchai, managing director of iMusic.
       The company plans to launch two albums this year and at least seven next year.
       CDs will be available from music stores and B2S stores. iMusic will also collaborate with mobile phone giants AIS,DTAC and True. Downloads will be available from www.imusic.co.th.