[h=1]Tech firm linked with Michael Jackson[/h]
- 15 hours ago April 01, 2015 4:21PM
AN Australian technology investment company has bought a stake in a new American social media app linked with Michael Jackson's estate.
YONDER and Beyond, which listed locally in February, is buying 10 per cent of PlayMeet, which will connect users who share similar musical tastes, whether it's Kylie Minogue, Elvis Presley or One Direction.
"Tinder for music is the best way to explain it," chief executive Shashi Fernando told AAP, comparing it to a popular dating app. "If you're playing a lot of Kylie underneath, it will also know that and match you to different groups of people that you can interact with." PlayMeet launched as a Sony joint venture 2013 but it won't go live in Australia and the US until May. It has been likened to the era of cassettes, when friends shared personal mix tapes with each other. "That whole ability to share and work with each other to create stuff for each other is not there anymore so PlayMeet plays into that," Mr Fernando said. Renowned music producer John McClain, an executor of Michael Jackson's estate who has previously worked with Janet Jackson and Justin Timberlake, helped create PlayMeet. Yonder and Beyond is acquiring a 10 per cent interest in the app for $US1 million, staged over two $US500,000 transactions. Yonder is based in London, with offices in Perth and Los Angeles. It joined the Australian Securities Exchange by taking over shell company Quintessential Resources, which had been a Papua New Guinea gold miner. Yonder and Beyond shares fell two cents to 18 cents.
Renowned music producer John McClain, an executor of Michael Jackson's estate who has previously worked with Janet Jackson and Justin Timberlake, helped create PlayMeet.
Seeing this is MJ kids estate who own and will run it one day makes since that this is a teen type of project I liked it just for MJ kids sake. Seems like a rebuff on tidal,lol free share!
MJ himself has invested in Internet stuff while he was alive, it's business. I hope this is successful (if it's true).....it's music oriented too, so not totally unrelated I guess.
Michael invested his own funds. Mclain is investing MJ Estate funding for his own idea which is a conflict of interest.
I truly hope this is not true.
Adding: the possible success of an application is ridiculously small compared to the generational wealth a 2700-acre property offers. The focus here is the conflict of interest if this is indeed true.
AtlasAir;4084205 said:his home and land is not lucrative as it is.
ExoticPrincess;4084275 said:So that clears that up then.
Thank you. I started to think I was really dense-no where in that press release (I've read it a few times now) did I see where they said the Estate invested in this in any way-so I wasn't understanding the argument. Unless it was the part that said Sony started it as a joint venture.^^
IMO no collaboration with MJ Estate means no Estate funding. Actually there has never been any statement that this was funded by Estate or any other person. Their clarification to me makes it clear that this has nothing to do with MJ Estate and it's an individual project of McClain.
Thank you. I started to think I was really dense-no where in that press release (I've read it a few times now) did I see where they said the Estate invested in this in any way-so I wasn't understanding the argument. Unless it was the part that said Sony started it as a joint venture.
I wouldn't think that is the same as the Estate. The press release mentioned John McClain, himself, and that was it. I'm confused-I'll go back and read it again.
They are ONLY correcting the bullet point that they are in a collaboration with MJ Estate.
Who would you suggest funded the other $9M in this venture between Estate/JMPM Properties? Are you suggesting the latter funded the project solely and their partner in the venture, MJ Estate, can conveniently collect profits with no monies owed to their partner?
did I see where they said the Estate invested in this in any way
The press release mentioned John McClain, himself, and that was it.
The MJ Estate was mentioned several times. It is a partnership between Estate/JMPM Properties. The tweet is correcting Y&B stating they were partners as well; they are only investors and administrators to the venture. It is Estate/JMPM only not Estate/JMPM/Y&B.
yes and I assumed that would have made you happy given that it's clarified that this is not an Estate project.
As for the rest this could be JMPM project with McClain being hired / paid for his experience and developing the app. Or this could be a partnership between McClain and JMPM and Mcclain providing some funding from his pocket. we wouldn't know for certain.
Overall there's no proof, no claim or reason that Estate would provide funding and/or receive profits, especially after it is clarified that this is not a partnership with Estate.
they didn't say such thing. It was an assumption done here. They initially claimed partnership with Estate and the assumption was that Estate would be involved in funding and profit sharing. Given they clarified that there's no partnership with Estate, that assumption is now moot.
yes and the clarification made it clear that this is a McClain project and not Estate project. Most probably this foreign company wasn't clear about the difference between McClain personally or MJ Estate.
And actually not in their press release but in their tweet they claimed partnership with Estate which they later clarified to be not true
Neither JMPM nor Estate announced or confirmed such partnership.
The J&B press release itself says the project is "co -investment with JMPM" which is clarifying the funding is done by JMPM and J&B.
if this is a private investment, as individuals, then why mention the estate at all?