Investors are singing after the developer of online talent show Megastar Millionaire made a successful debut on the Australian share market.
Digital technology and entertainment company MSM Corporation International is now focusing on developing Megastar Millionaire over the next 12 months.
Megastar Millionaire is a software platform for online talent contests.
The Megastar Millionaire platform will enable online site users to load and view individual “videos of artistry” and vote on them, thereby helping successful contestants progress through the contest.
Potential contestants must have a following on social media of at least 2,000.
Contestants will pay a fee to participate in the contest, and fans will pay a subscription fee if they want “premium” access which includes the ability to interact with contestants, and voting rights.
Auditions will last for eight weeks, and up to 1,000 contestants will be selected for a six-week judging round.
An independent panel will choose 12 semi-finalists for a two-week finals round.
The semi-finalists will have a chance to be one of four runner-up winners who will split $US100,000 and go on a promotional tour, or be the overall Megastar Millionaire winner, who will win $US1 million and appear in an online film produced by Digital Riot.
MSM’s initial focus will be on developing and marketing a contest for US residents.
The Megastar Millionaire platform will be offered over iOS and Android mobile, Mac, personal computer and tablet systems.
“MSM is focused on developing and optimising the Megastar Millionaire contest platform during the next 12 months,” MSM said on Wednesday.
MSM is not expected to generate any income until the launch of the first contest, expected to be between the fourth quarter of 2016 and the first quarter of 2017.
MSM listed on the share market via a reverse takeover of minerals explorer Minerals Corporation.
MSM offered 116.7 million shares to the public at six cents per share, raising $7 million.
“Proceeds from the $7 million capital raising will primarily fund the development and promotion of the Megastar Millionaire talent competition, along with sales and marketing to deliver an industry-shaping online talent discovery and curation platform,” MSM said.
MSM shares closed at 9.1 cents, 3.1 cents above the issue price of new shares, and 6.4 cents above the last trading price of Minerals Corporation.
MSM’s managing director Dion Sullivan and chairman of US operations Doug Barry are based in the US.