Internet TV broadcaster ‘majorly under-resourced’ says chief executive
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Wannabe Internet TV broadcaster TV2U is “majorly under-resourced” as it attempts to push into Asia and Latin America, its chief executive says.
TV2U (ASX:TV2) chief executive Andy Brown said the $15.6 million company’s attempt to raise $3 million in capital was vital for its success.
The company had only $4,582 in the bank at the end of June.
“We are, frankly, majorly under-resourced and this has to be addressed if we are to continue to seek out and close new sales opportunities, plus have a team that manages the implementations and ongoing engagements,” Mr Brown said.
TV2U is a Netflix-like entertainment platform that offers movies, TV and karaoke streaming from Latin America and Chinese networks to customers around the globe on phones, PCs, tablets and set-top boxes.
TV2, which has no sales revenue, is planning to launch operations in Brazil and Indonesia in the coming months.
“I fully expect us to begin earning monthly revenues from our operations in Brazil and Indonesia shortly and have every expectation that the monies earned in monthly billing will quickly grow in the early months to cover our overall operational costs,” Mr Brown said.
In a similar model to streaming services such as Netflix, TV2U hopes subscribers from such countries as Japan, Vietnam, the Phillipines and Australia pay a monthly service fee, to be supplemented eventually by additional advertising revenues.
“Using the power of the internet video we intend ultimately to bring local content from China and other regional countries to their local populations globally,” their website reads.
“As a Chinese person, just because you live in New York you should not be restricted to Hollywood movies with superheroes like Hugh Jackman playing Wolverine, you should be able to watch content directly from Shanghai as well.”
TV2 shares were trading at 1c this morning.
TV2 as been contacted for comment.