Crowdspark loses Seven West board representative; shares drop 8pc
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Crowdspark has lost its Seven West Media director, with no indication of whether he will be replaced.
Seven owns about 22 per cent of the business, which provides apps that help news broadcasters “crowd-source” news content such as pictures and videos from everyday people.
Clive Dickens is the chief digital officer at Seven West Media’s and was the television network’s representative on the Crowdspark (ASX:CSK) board.
The news pushed down Crowdspark’s share price, sinking it 8 per cent to 4.7c.
Neither Crowdspark’s US-based chief Marc Milgram nor Australian company secretary returned requests for comment.
A partnership with Seven for a branded app to collect user-generated content at large sports events over the summer was a major achievement for CrowdSpark last year.
The app is still available in the Apple Store (it is not available for Android phones) and was last updated in early April.
Seven West has been contacted for comment.
The company changed names from Newzulu last year after signing the Seven West deal.
They have struggled to lift their share price and commercialise the product.
In the March quarter they had a $1.2 million cash burn, taking $340,000 in receipts.
They had $1.3 million in the bank.