Jaxsta promises it is making ‘significant’ progress two months on from its backdoor listing
Jaxsta (ASX:JXT), which hopes to become the solution for holding official music data online globally, has promised investors it is making “significant” progress towards that goal, two months after it listed on the ASX through a reverse takeover of marine safety equipment provider Mobilarm.
Ken Gaunt, the chief of Mobilarm who resigned when Jaxsta re-emerged on the ASX, told investors in February last year that he saw a “better growth opportunity for our shareholders” in selling Mobilarm’s Marine Rescue Technologies business and pivoting to Jaxsta.
Jaxsta’s first half-year report doesn’t make for encouraging reading however: zero revenue and a 1,617 per cent widening in loss, from $910k to $15.6 million.
But $14.2 million of that loss is due to listing expenses associated with Jaxsta’s December 28 debut on the ASX.
Jacqui Louez Schoorl, Jaxsta CEO, said the company had been kicking goals both in the lead-up to its readmission and in the time since.
“The private beta preview launch and demonstrations of Jaxsta Beta during the half year were positively received by key industry participants, including record labels, performance rights organisations, publishers, awards and charting associations and digital service providers,” she said.
“We also remain in active discussion with global music labels and record companies to secure further commercial data access arrangements, as well as metadata and artwork agreements. This builds on our 25 data-sharing agreements currently signed.
“In the period since the half year, we also continued to strengthen our partnership with the U.S. Recording Academy by being a sponsor of their Producers & Engineers Wing Grammy Week Event in February 2019 where the Company showcased the Jaxsta Beta platform.”
It says the soft launch of Jaxsta Beta will take place in the next four months, with its core platform, jaxsta.com, expected to launch this calendar year.
Jaxsta’s ultimate mission is to ensure digital music and all its collaborators gets the same amount of credit attribution that people once found on a record sleeve.
“Jaxsta will be the credit roll for our industry,” it says.