Digital asset management firm, Blastmedia has entered a third round of funding, putting the company on track to launch in July.
It will also undertake a major hiring spree starting in June and is already scouring the market, for prospective staff. Blastmedia CEO, Julian Poulter declined to specify exact numbers saying only that numbers would be "large" and cover a variety of fields from classification to creative, marketing and sales.
Operating through an ASP model, Blastmedia will manage the online distribution of audio and visual media on behalf of corporations, publishers, news groups and image libraries within a purpose-built rich media exchange platform.
The company is currently in discussions with key accounts and believes the cost efficiencies to customers of the ASP model will make it a very attractive prospect. The size of buying and owning multimedia technology runs into the tens of thousands of dollars, making it an unnavigable option for many businesses, big or small, according to Poulter.
Blastmedia has partnered with high-end multimedia hardware manufacturer, SGI who will provide the back-end platform for the venture.
"We built our business model on the commoditisation of the market rather than the immediate opportunities," says Poulter. "Conservatively, in Australia, we think there are 100 million images in archives that are getting used on a regular basis."
Online images generate 70 times more revenue than their offline counterparts, according to US-based studies.
Conceived eight months ago as a speculative venture of Internet incubator, Rumble Group, Blastmedia's original concept was an online media library. However, the long-term opportunities and anticipated growth of the rich media market saw it quickly outgrow its original speculation budget of $A500,000.
The company will commence its global commercial rollout in September, with the UK and US pitted as key markets.